EGAS identifies 16 gas exploration prospects targeting 6 Tcf resources

State-run Egyptian Natural Gas Holding Company (EGAS) announced Wednesday that it had identified 16 new gas exploration prospects, including seven offshore and nine onshore, with estimated resources of around 6 trillion cubic feet (Tcf).

EGAS plans to drill wells targeting the prospects during the current fiscal year, according to its business results for fiscal year 2025/2026, reviewed at its General Assembly meeting chaired by Petroleum and Mineral Resources Minister Karim Badawy.

The company awarded four new gas exploration blocks in the Mediterranean and Delta, with investments approaching $200 million to drill nine wells. It also finalised five new gas exploration agreements worth $240 million for 14 exploration wells. EGAS also signed a development contract for the North Atoll field with Arcius Energy.

The company made nine discoveries during the fiscal year, including eight gas discoveries and one oil discovery, adding around 2.8 Tcf to gas reserves. Three new gas exploration wells are currently being drilled and are scheduled for completion before year-end.

EGAS said a seismic survey project in the Western Mediterranean helped attract new investments from TotalEnergies and Chevron. It is preparing to begin a seismic survey project in the Eastern Mediterranean in October.

The company also completed 3D seismic surveys covering 307 square kilometres and a 4D seismic survey covering around 2,307 square kilometres in the West Nile Delta deepwater areas.

EGAS implemented nine gas field development projects and connected 28 new wells to production, with investments of $1.12 billion. The company also launched an international bid round for gas exploration in eight areas across the Mediterranean, Delta and North Sinai.