The giant offshore natural gas field of Zohr has enabled Egypt to become self-sufficient in natural gas, President Abdel Fattah El-Sisi stated on the sidelines of the Egyptian Economic Conference on October 23rd.

Egypt used to import natural gas valued at around $2 billion per month, and this figure was expected to increase to $10 billion at the current prices, El-Sisi added.

“Egypt’s boundary delimitation between Greece and Cyprus on the Mediterranean Sea and with Saudi Arabia on the Red Sea gave the oil companies the opportunity to commence oil exploration works,” the President said.

On a similar note, Prime Minister Mostafa Madbouly added that Egypt ranks the region’s 5th in terms of natural gas production, with a volume of 58 billion cubic feet.

Madbouly noted that the government had signed several agreements with some of the natural gas exploration companies in 2015.

The president is witnessing the opening of the three-day event organized by the government and being attended by ministers, along with a group of major economists, thinkers, and experts.

The Egyptian Economic Conference takes place in the New Administrative Capital from October 23rd to 15th.