Global Arab Network | Egypt: Two gas finds in Nile Delta and the Mediterranean

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Egypt: Two gas finds in Nile Delta and the Mediterranean

Global Arab Network - - Rami Alshami

Wednesday, 03 August 2011 16:01

http://www.english.globalarabnetwork.com/images/stories/2010/july/BP__gas_egypt_copy.jpg

Global Arab Network - The Egyptian Natural Gas Holding Company (EGAS) announced two new gas finds in the Nile Delta and the Mediterranean.

The 'South Abu El Naga-2' well in the Delta and the 'South el-Ameria-2' well in the Mediterranean host total recoverable reserves of 194 billion square feet, EGAS said in a report to Petroleum Minister Abdullah Ghorab.

A recent report by Business Monitor International has forecast an increase in Egypt's production of natural gas from 66 to 95 billion cubic meters over the years between 2010 and 2020, recording a 43.93 percent rise.

The report, which was posted on the Cabinet's Information and Decision Support Center, said the increase would secure the flow of foreign currency and ease the impact of the import bill, given Egypt's great potential for exporting gas.

Egypt’s Electricity and Energy Minister Hassan Younis met Friday with visiting World Bank (WB) official Patricia Veevers-Carter for talks on means of boosting cooperation between the WB and the Egyptian power sector.

The meeting tackled several issues, including the progress made so far in projects in the Nile Basin and the activation of loans offered by the bank worth $ 880 million to fund the Northern Giza power station and a project to connect wind power farms with the national electricity grid, Younis said.

Future power generation projects were also discussed during the meeting, which the WB decided to contribute to, he said.

Global Arab Network

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