EGYPT'S GAS DOWN
Egypt's average natural gas production declined this year to 4.395bn cubic feet per day, compared to about 4.6bn cubic feet in 2014.
A Petroleum Ministry report revealed that foreign partners are slowing down the development processes of fields, leading to a decline in the gas production rate and an inability to connect compensatory wells.
The Petroleum Ministry expected gas production to reach 5.4bn cubic feet per day, and consumption to reach 5.57bn cubic feet per day, in the fiscal year (FY) 2014/2015.
The report explained that the Pharaonic Petroleum Company (PhPC) is one of the most prominent companies with a total production decline of 95m cubic feet in FY 2014/2015 compared to FY 2013/2014. The company was followed by Petrobel, with a production decline of nearly 92m cubic feet.
The natural decline rate of Egypt's wells production is estimated at 130m cubic feet of gas per month. Companies need to drill compensatory wells to compensate for the decline rate and increase production, according to the report.
The report explained that Oil Company in Suez, Soco, increased its gas production by 82m cubic feet in 2015, followed by Badr El Din Petroleum Company (BAPETCO) by 73m cubic feet.
An Egyptian Natural Gas Holding Company (EGAS) official said that power stations now use about 3.45bn cubic feet of Egypt's natural gas production per day.