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Wednesday, 19 July 2017

Egypt: Gas to the rescue

A booming natural gas sector offers a chance at a return to self-sufficiency and a chance to overcome some of Egypt’s economic and social problems, writes Gerald Butt for the Petroleum Economist. Recent discoveries in Egypt’s offshore — Zohr in particular — have convinced IOCs that there’s lots more gas to be found. That coupled with promises to pay back arrears and gas infrastructure already in place, have convinced energy giants to boost exploration and production. This has allowed the Oil Ministry to speed up its plans to turn Egypt into an energy hub by 2018, and become a net exporter of gas in 2019. This can almost assure an end to the energy problems the country has faced and that power shortages are a thing of the past, Butt says.

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