EGAS: Ongoing Talks with Foreign Firms to Boost Egypt’s Oil Production

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State-run Egyptian Natural Gas Holding Company (EGAS) is negotiating with largest international firms in Egypt to enlarge oil production rates, said chairman Khaled Abd El Badee on Monday.

EGAS aims to accelerate Egypt’s oil production rates through upgrading current oil fields and wells in addition to increase exploration processes.

In the same vein, Abd El Badee said EGAS is also working on other projects to boost production rate. Egypt’s energy and petroleum sectors face different challenges, notably the turning into new and renewable energy projects.

Furthermore, Abd El Badee pointed out that EGAS would step up efforts to overcome energy obstacles by encouraging foreign gas and oil firms to invest in Egypt.