Official says unconventional gas may help country achieve energy independence
Egypt will import gas for three to four years, according to Mohamed Salah ElSobki, the executive chairman of Egypts New & Renewable Energy Authority.
Speaking at a conference in Abu Dhabi, ElSobki said increases in domestic hydrocarbons production and more renewables projects would reduce the need for imported liquefied natural gas (LNG).
He added that unconventional gas and oil may prove to be a key part of the countrys future energy mix.
Exploring unconventional [resources] and shale gas is a must for Egypt, said ElSobki.
UK/Dutch Shell and US oil company Apache are undertaking a fracking pilot scheme in the country that is set to take between two and three years to complete.
The contract was signed in December 2014 and will see Apache and Shell invest $30m-$40m in the project, according to Egypts Petroleum Ministry.
Earlier this month, Khaled Abdel Badie, chairman of Egyptian Natural Gas Holding Company (Egas), announced four companies had won contracts to import LNG over a two-year period.
These firms are thought to be Dutch-owned Vitol, Hong Kong-based Nobel Group, Dutch commodity trading company Trafigura and UK oil and gas company BP.
Egypt also has agreed a deal with Algeria to import six shipments of LNG between Apil and September this year.
The contract between the two countries was signed in December 2014.
Follow Wil Crisp on Twitter: @bilgribs
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.