Egypt.. Signing 9 new gas exploration agreements worth nearly a billion dollars

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Egypt.. Signing 9 new gas exploration agreements worth nearly a billion dollars

Reuters

Egypt.. Signing 9 new agreements to search for natural gas with international companies with investments close to one billion dollars (file photo)

The head of the Egyptian Natural Gas Holding Company announced that there are 9 areas to search for natural gas that were put up in the international auction, which were announced in March, and the closing date has been extended until the end of September.

Magdi Galal said that 9 new agreements were signed to search for natural gas with international companies with a total investment of nearly one billion dollars and a signature grant of 24 million dollars, bringing the total number of agreements in force in this field to 44.

He pointed to the acceleration of work in the areas of the new agreements upon their signing and the completion of the implementation of three-dimensional seismic survey programs using the latest technologies for more than 33,000 square kilometers within the framework of exploration activities in the areas of gas exploration in the Mediterranean.

He pointed out that last year witnessed the achievement of 8 new discoveries of natural gas, two discoveries in the Mediterranean and 6 in the Western Desert, which added new reserves of natural gas estimated at 600 billion cubic feet, and 4 projects were implemented to develop and produce gas from the discovered fields with investments of more than 4 billions of dollars.

He also stated that 15 new wells have been placed on the gas production map, with an average daily production of 1.4 billion cubic feet of gas and more than 25 thousand barrels of condensate.

Source: Egyptian media



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