Rafah Crossing 'never been closed for one day' from Egypt: PM    Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    SCZONE signs $52.6m textile industry deals during China investment tour    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EGPC pays $4 per million BTUs for gas produced from Zohr field
Agreement to pump entire production of field to local market, but in event of decreased domestic consumption, it is possible to allow exports
Mohamed Adel Published in Daily News Egypt on 24 - 12 - 2018

The Egyptian General Petroleum Corporation (EGPC) pays about $4 per million thermal British units (BTUs) bought from Eni's share in the Zohr gas field in the Mediterranean Sea, according to the price equation linked to oil prices on world markets.
A source at the EGPC told Daily News Egypt that the decline of Brent oil price to $54 a barrel reduced the value of the foreign partner's share in the gas produced from the field and bought by Egypt.
He explained that the price of gas produced from the field is linked to a price equation of minimum $4 per million BTUs and a maximum of $5.88 per million BTUs when Brent price hits $100 per barrel.
According to the source, the agreement is to pump the entire production of the field to the local market, but in the event of decreased domestic consumption, it is possible to allow exports following the approval of the ministry of petroleum.
He also said that the implementation of the sixth natural gas processing plant is expected to take place by the end of this month to bring up the total capacity of the treatment plant to about 2.4bn cubic feet (bncf)of gas per day.
The source pointed out that the development of the second phase of the Zohr gas field will be completed in July 2019 to boost production to about 2.95bncf of gas per day, instead of 2.7bncf estimated in the development plan.
Moreover, he pointed out that the company aims to invest about $4bn in the development of the second phase next year, bringing up total investment to $16bn.
The source confirmed that the ministry of petroleum is seeking to accelerate the completion of the next stages of development, as per the directives from President Abdel Fattah Al-Sisi.
Furthermore, he added that the ministry succeeded in cooperating with the Italian partner to put pressure on the schedule and access gas production reserves to reach 2bncf of gas per day.
Italy's Eni revealed the Zohr gas field in August 2015 with estimated reserves of 30tn cubic feet of gas, while the daily production volume reached about 2bn cubic feet and is expected to register 3bncf of gas per day by the end of 2019.

Clic here to read the story from its source.