El Molla: Egypt’s proven reserves of natural gas exceed 72 trillion cubic feet (TCF)

Minister of Petroleum and Mineral Resources Tarek El Molla revealed that the proven reserves of gas in Egypt exceed 72 trillion cubic feet (tcf), while the uncertain reserves reach 120 trillion cubic feet, stressing that international scientific research organizations say the promising future awaits the Eastern Mediterranean region with regard to gas.

“We expect oil discoveries to increase during the coming period,” El Molla said during his interview with the program “Money and Business”, that the ministry is working on developing reserves of oil, gas and mineral resources.

The Minister of Petroleum that the cost of a gas well between 80 to 100 million dollars, noting that the returns of investment in oil discoveries offset the risks.

Source: CTV Egypt News