By 2021, Egypt should become a hotspot for trading oil and gas, given recent reforms in the petroleum sector and investments worth nearly $8.3 billion.
Egypt's Ministry of Petroleum has recently announced the commencement of new natural gas projects near the Mediterranean sea, which are meant to double the production of natural gas by 2020. The Minister of Petroleum, Tarek El Molla, announced that the implementation of the projects will increase natural gas production by 50 percent in 2018 and eventually 100 percent in 2020, Daily News Egypt reports. Egypt’s natural gas production reportedly increased from 4.4 billion cubic feet in 2016 to approximately 5.1 billion cubic feet per day in 2017.
The minister also added that the new natural gas projects would aid in bridging the gap of petroleum products with investments worth about $8.3 billion. In addition, the Zohr, which is the largest gas field in the Mediterranean Sea discovered by Italian company Eni, is about 850 billion cubic metres and will start its production of gas by the end of 2017. El Molla also said that by 2021, Egypt should be benefiting from all of its natural resources and essentially becoming a hotspot for trading oil and gas after recent reforms in the petroleum sector.
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