Energizing Egypt for Prosperity
Egypt relies on burning of fossil fuels to satisfy about 85 percent of its electricity requirements. Electricity consumption is growing at a rate of 8 percent a year. The country's oil and gas reserves expected to dry up within 30-50 years. By 2030, Egypt oil reserves will be only 1.5 million barrels and would be importing 400,000 barrels per day to run its refineries at capacity. Egypt natural gas reserve is 76 trillion cubic feet. Natural gas exports amounts to 630 billion cubic feet per year and expected to reach 800 billion cubic feet in 2030. In addition, the country is experiencing fast acceleration in local consumption of natural gas and will face the same dilemma, as in the case with its oil depletion, in just few decades.
MIK Technology proposes a scheme to make up for the depletion of the fossil fuel reserves, while supporting the population growth and its aspiration for a better life in years to come. MIK technology also believes that natural gas export represents a burden on the economical development of Egypt. Regardless of political rhetoric or regional contentiousness, the theoretical heating value of natural gas annual exports is 194 TWH that amounts to a 22 Gigawatts of electrical power. This is comparable to the name plate capacity of all Egypt’s power generating facilities (23.4 Gigawatts).