ArabFinance: Egypt’s current production capacity of natural gas reached 73.4 billion cubic meters (bcm) per annum, according to a report published by the Egyptian Cabinet’s media center on Monday.

According to London-based BP, Egypt was ranked 14th among the world gas producers and second in Africa in 2020, the report revealed.

The report highlighted Egypt’s success in maintaining its average production levels during the fiscal year (FY) 2020/2021 despite the impact of the Covid-19 pandemic.

Egypt was self-sufficient of natural gas in September 2018, producing 66.1 bcm in FY 2018/2019, while the consumption reached 61.8 bcm, the report unveiled.

As shown in the report, Egypt signed 99 new offshore oil and gas exploration agreements with up to $17 billion in investments.

Moreover, the report showed that Egypt has entered new markets, where 20 countries imported Egyptian liquified natural gas (LNG) since the resumption of trade activities, including 4 new markets; Turkey, Croatia, Pakistan, and Bangladesh.