CAIRO: Prime Minister Ibrahim Mahlab met on Sunday with senior officials from British Petroleum (BP) to discuss increasing natural gas production to 500 million cubic feet daily to meet citizen demands, according to the Cabinet website.
Both sides discussed during the meeting BP’s scheduled investments in Egypt during the second half of the current year, according to the statement, valued at $1.5 billion in the Mediterranean Sea region.
Minister of Petroleum Sherif Ismail and a number of leading figures attended the meeting, during which Mahlab confirmed the necessity to schedule BP’s due debts over three years so the company can pay back its debts, it reported.
BP’s delegation said the company has discovered a large gas field in the Mediterranean Sea, which will positively affect the production of gas in Egypt by providing local market needs and allowing more job opportunities, it said.
The new discovery of natural gas could help increase BP’s production of natural gas to 500 billion cubic feet daily, which could help achieve sustainable development and overcome the current shortage of liquefied gas, it said.
Khaled Abdel Badee, head of the holding company for Egyptian Natural Gas, said the Ministry of Petroleum expects Egypt’s natural gas production to amount to 5.4 billion cubic feet daily in the upcoming fiscal year beginning June 30, Reuters reported. Meanwhile, the daily consumption of natural gas is expected to total 5.57 billion cubic feet daily, Reuters reported.
Badee and the Ministry of Finance have signed agreements with three foreign companies, British Gas, British Petroleum and the Italian multinational oil and gas company ENI for oil and gas in Egypt, according to the statement.