EGAS plans to issue int’l outbidding to explore gas, oil

Egyptian Natural Gas Holding Company (EGAS) intends to issue an international outbidding to explore natural gas and crude oil in 11 concession areas before the June 2016, an EGAS official said.

The concessions would include eight sea areas and three land areas. EGAS got the security approvals to issue the outbidding.

Egypt will achieve self-sufficiency of natural gas before the end of 2018, with gas production amounting to six billion cubic feet of gas a day, Petroleum Minister Tarek El-Molla announced last year.

Egypt’s Petroleum Ministry aims to increase its annual production of gasoline, diesel, butane gas and jet fuel by 11.6 million tons in the next four years, at an investment of $8.3 billion, boosting total production to around 28.5 million tons, up from the current 16.9 million tons.