EGAS Says to Drill 25 New Wells with $688mn Investments in FY2014/15

Egypt is seeking to carry out a natural gas exploration scheme during the next fiscal year 2014/2015 with at least US $ 688 million in investments, the state-run Egyptian Natural Gas Holding Co. (EGAS)’s Chairman announced on Sunday.

Eng. Taher Abdul Raheem – EGAS Chairman – stated that the FY14/15 exploration scheme includes the drilling of 25 new wells.

The Egyptian top official further revealed to Amwal Al Ghad EGAS’ plans to include 7 new development projects to produce condensates amounting to 875 million square feet and 8300 barrels per day.

Moreover, EGAS is planning to deliver natural gas to 800.000 homes in Egypt in the current fiscal year, he noted. Accordingly, the total number of residential units connected to natural gas systems would reach 7 million by the end of FY2014/15.