Home Oil and Gas Egypt discovered 320 trillion cubic feet of gas in the Eastern Mediterranean

Egypt discovered 320 trillion cubic feet of gas in the Eastern Mediterranean

The Egyptian Minister of Petroleum and Mineral Resources, Tariq El-Molla, yesterday announced that 320 trillion cubic feet of gas were discovered in the Eastern Mediterranean region which could turn the area into a global centre for the gas industry.

The seven-member states of the East Mediterranean Gas Forum, Egypt, Israel, Cyprus, Greece, Jordan, Italy, and the Palestinian National Authority, yesterday officially turned the alliance into a regional organization headquartered in Cairo.

The Egyptian Ministry of Petroleum said in a statement that the forum aims to establish a regional market for gas, rationalize the cost of infrastructure and offer competitive prices.

The forum was launched in January 2019 to reinforce cooperation among member states.

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