Gazprom, Egypt Discuss Energy Cooperation

Gazprom and represntatives from Egyptian government and energy companies met in Moscow to discuss the opportunities for the bilateral cooperation development in the oil and gas industry.

The meeting specifically addressed the prospects for Gazprom and Egyptian energy companies to cooperate within the projects for hydrocarbon fields exploration and development. The negotiating parties also touched upon the joint activity expansion in the area of liquefied natural gas supplies to international markets, Gazprom said in a statement.

Egypt's proven natural gas reserves amount to some 2.2 trillion cubic meters. Nowadays, approximately 80 per cent of domestic gas reserves and 70 per cent of natural gas production are focused in the Mediterranean region and the Nile Delta.

The annual natural gas production equals nearly 65 billion cubic meters including 16 billion cubic meters intended for export as pipeline gas and LNG.