(Ecofin Agency) - Egypt’s Oil Minister, Tarek El-Molla (photo), has announced that the country plans to boost its natural gas output from the current 3.9 Bcf/d to between 5.5 and 6 Bcf/d by 2019 ending.

According to El-Molla, the country presently has 12 natural gas field development projects estimated at a total of $33 billion in investment ongoing.

The three major projects, which include the Zohr discovery, are expected to jointly yield 4.6 Bcf/d of gas by the start of 2019.

Once an energy exporter, Egypt has become a net importer decline in oil and gas production as well as growing consumption. The country is making effort to accelerate production at recent discoveries to meet its energy needs as soon as possible.

New finds and an increased production may perhaps help the country save hard currency as it grapples with an acute dollar shortfall.

Egypt currently expends $795 million every month on imports to fill its energy gaps, approximately $250b to $300 million of which is devoted to natural gas.

The non-OPEC producer is also planning to hire its third floating and storage regasification unit (FSRU) by the Q2 of 2017.

“With the arrival of the third regasification unit, Egypt's total imports of natural gas will reach 2 bln cubic feet per day,” El-Molla told Reuters.

Anita Fatunji