20 June 2014

Egypt: Minister - Oil Sector Carries Out Ambitious Program to Increase Natural Gas Production

Minister of Petroleum and Mineral Resources Sheriff Ismail on Thursday 19/06/2014 said that the oil sector is carrying out an ambitious program for increasing rates of producing natural gas to meet the local needs.

In statements while on an inspection tour of Desouk gas field in Kafr el-Sheikh, Ismail added that the plan will be implemented through developing the newly-discovered oil fields and enhancing exploration operations. He further noted there are positive signs about high productivity in the Delta area.

The amount of subsidy for petrol, solar and mazut in Egypt during 2012/2013 fiscal year hit 128 billion pounds, said Petroleum and Mineral Resources Minister Sherif Ismail.

Meanwhile, Ismail said that this amount of subsidy for petroleum products drains the state budget, adding that it is difficult now to revoke the subsidy system as it is related to several regulations, including the standard of living, unemployment rate, new projects and job opportunities.

The Minister, meanwhile, said that a British Petroleum in Edko in Behira will increase gas production in the country by about 20 percent.

Minister Ismail also urged people to rationalize electricity consumption, saying that this is the responsibility of all sides.

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