CAIRO: The Egyptian Natural Gas Holding Company aims to increase its gas production, and add new fields on its production map, official sources at the Ministry of Petroleum said Monday.
This follows efforts exerted by the petroleum sector to increase production, as a lack of financial resources required for importing diesel for power plants resulted in higher consumption of natural gas, added the sources.
El Wastani Petroleum Company (WASCO), an affiliate of EGAS, announced its goal to inject new investments to increase production rates, in addition to developing two newly discovered wells, which are expected to increase gas production by 100 percent.
The petroleum sector is looking to raise oil and gas production in Egypt since gas production significantly dropped to 147.2 million cubic meters per day early this year, compared to 152.9 million cubic meters per day last November.
The total production of crude oil and natural condensate reached 700,000 barrels per day, according to data released by the Egyptian General Petroleum Corporation.
The Egyptian market currently suffers from a significant shortage of diesel fuel, particularly given the economic strain from the rise in global fuel prices and the lack of financial resources required for import. Each ton of fuel carries a government subsidy of 3,000 EGP ($ 447,) a heavy burden on the state budget.
Originally published in Youm7.