Cairo plans to invest some $9.9bn to boost Egyptian gas production to 5.85bn cfd by the end of the country’s 2017-18 financial year in June 2018. As Oil Minister Tarek El Molla notes, this would mark a 50% hike from the 9-year low of 3.89mn cfd plumbed in May 2016. Output will “double” from mid-2016 levels by mid-2020, Mr Molla adds, implying output of 7.8bn cfd by the latter date.
And for once, Egypt’s gas output plans, or at least the first stage of them, look eminently achievable. Production had already hit 4.5bn cfd as of end-2016, with the ramp up of output at Eni’s Nooros field to 900mn cfd in its first year of production providing the key boost. (CONTINUED - 728 WORDS)