EGAS head highlights 11 new agreements in sector worth $925M during general assembly

Cairo – September 23, 2024: Yassin Mohamed, Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS), revealed that 11 new agreements have been signed with global companies for gas exploration and production, totaling a minimum investment of $925 million, with a signing bonus of $30 million.

During the General Assembly of the Egyptian Natural Gas Holding Company (EGAS), which focused on the financial results for the fiscal year 2023/2024, the EGAS head shared the biggest achievements in the sector.

He added that five new areas for investment in gas exploration in the Mediterranean Sea and the Nile Delta have been allocated, amounting to approximately $400 million in investments. The company has also launched its latest global bid for gas exploration for 2024.

Highlighting ongoing dialogue with foreign partners to provide necessary incentives and support to encourage their expansion in Egypt, Minister of Petroleum and Mineral Resources Karim Badawi stressed that Egypt has taken a significant step in boosting its gas sector.

Badawi emphasized the ministry's top priority - attracting and stimulating investments in the sector.

The minister stated that these agreements reflect the country’s efforts to enhance the attractiveness of Egypt as an investment destination, and with ongoing discussions with international partners, the ministry aims to provide the necessary incentives to encourage further expansion within the sector.

During the assembly, Badawi praised EGAS for its crucial role in securing natural gas supplies and facilitating investments, particularly in the Mediterranean region. He emphasized the importance of continuous dialogue with foreign partners to support their expansion in Egypt, thus fostering an environment conducive to growth and discovery.

In terms of production, the assembly revealed that 19 new gas wells have been added to the production map, with an investment of $613 million.

Domestic gas consumption reached a staggering 2.2 trillion cubic feet annually, averaging about 6 billion cubic feet per day.

The electricity sector alone accounts for nearly 58 percent of this demand, highlighting the essential role of natural gas in powering the country.

Badawi affirmed the ministry's dedication to environmental protection and worker safety as integral components of investment success, while also highlighting the importance of promoting gender equity within the workforce, asserting that greater female participation can lead to improved outcomes.

The assembly showcased the achievements of EGAS, including five significant discoveries that have added 1.3 trillion cubic feet of gas and 30 million barrels of oil and condensates to Egypt's reserves.