CAIRO – 23 September 2023: EGAS, the Egyptian Natural Gas Holding Company, inked 11 fresh pacts with global firms for researching, exploring, and producing natural gas, amassing a minimum investment of $925 million in FY2023/2024. Yassin Mohamed, EGAS's Executive Managing Director, disclosed this information. Throughout the fiscal year, grants totaling $30 million were secured.
Mohamed disclosed the allocation of five new regions for investing in the exploration of natural gas in the Mediterranean Sea and the Nile Delta, necessitating around $400 million.
Moreover, EGAS initiated its 2024 global bid via the Egypt Upstream Gateway (EUG) for gas exploration ventures.
The company's exploration efforts yielded five discoveries, contributing 1.3 trillion cubic feet of gas, 30 million barrels of oil and condensates, and the imminent completion of four new gas-seeking wells, requiring a combined investment of $640 million.
In the gas production domain, $613 million was dedicated towards introducing 19 new gas wells to the production roster, encompassing new fields, expansions, and enhancements to existing fields.
To satisfy local market demands, EGAS ensured a steady supply of natural gas, with a total annual consumption of 2.2 trillion cubic feet, averaging approximately 6 billion cubic feet daily.
Noteworthy initiatives included the conversion of nearly 50,000 vehicles to run on natural gas, the establishment of 75 additional gas stations, and 24 conversion centers to facilitate dual-fuel operations.
Furthermore, EGAS undertook projects to fortify and extend the national natural gas transmission network, investing over LE 660 million towards this strategic endeavor.
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