Egypt makes two natural gas discoveries

Egypt has made two natural gas discoveries in the Nile Delta and the Mediterranean Sea, boosting its reserves by 194 billion cubic feet of gas and 2 million barrels of condensates, the Ministry of Petroleum has announced.

Egypt holds Africa’s third-largest gas reserves, with 78 trillion cubic feet (2.19 trillion cubic metres).

The two new finds represent a 0.2 per cent increase to Egypt’s gas reserves.

Egypt produces about 6 billion cubic feet of gas and 10.4 million barrels of condensates daily.

Domestic gas consumption in 2Q2011 was 429 billion cubic feet, according to the Ministry of Petroleum.