Egypt’s EGAS to clinch seven exploration agreements in Q4

Egyptian Natural Gas Holding Company (EGAS) will sign seven gas exploration agreements with global companies within the fourth quarter of the year, according to Mubasher on Friday.

The new contracts will see the pumping of $712 million in investments for the drilling of 23 wells, according to a company statement.

EGAS’ natural gas output reached a peak of 7.2 billions of cubic feet (bcf) in September, chairman Osama Wafik El-Bakly commented.

During the financial year 2018/2019, the number of gas explorations reached 15, including 5 on the Mediterranean coast and 10 in the Western Desert, the top official said.

El-Bakly revealed that EGAS completed 7 natural gas projects during the financial year 2018/2019, which added 1.3 bcf per day and 2,155 barrels of gas condensates.

The growth in EGAS’ output contributed to the achievement of Egypt’s gas self-sufficiency, increasing the county’s production by 21 percent, El-Bakly noted.