A workshop to combat problems linked to gas flaring has been set up in Egypt.
That’s part of the European Bank for Reconstruction and Development’s (EBRD) plans to tackle energy waste.
The EBRD believes capturing two billion cubic metres of gas flared in the country would be enough to provide 5% of national energy needs and add $300 million (£204m) a year to the Egyptian economy.
The workshop was attended by experts from state and private oil and gas companies who discussed the new technologies, business approaches and regulations that can reduce gas flaring.
New policy options were also presented, including co-financing through international climate policy schemes.
Around 140 billion cubic metres of associated petroleum gas are flared annually throughout the world wasting large amounts of energy resources and contributing to pollution, the EBRD stated.
Philip ter Woort, Director, EBRD Operations – Egypt said: “The oil sector is expected to remain an important contributor to Egypt’s GDP growth prospects in the coming years as well as providing essential energy security for the country. We hope that this workshop will contribute to incentives and programmes aimed at further reduction of gas flaring in Egypt which can have not only significant economic benefits but will also contribute to meeting the best international environmental standards.”