EGAS scraps plan to increase domestic natgas production to 8 bcf this fiscal year

EGAS’ plan to increase domestic production of natural gas to 8 bcf/d in FY2019/2020 has been hindered by the global decline in the price of natural gas and the abundant supply for local consumption, sources from EGAS told Al Mal. The sources said that the inability to implement the plan is not due to technical, production or investment problems, but is linked to global and local changes. Global gas prices averaged USD 2.57/mmBtu last year, down from USD 3.15 over the past four years, and fell below USD 2 at the end of January.