Six gas projects worth $2B were completed in FY 2016/17

CAIRO - 20 September 2017: Six gas development projects were completed and put into production by the Egyptian Natural Gas Holding Company (EGAS) in fiscal year 2016/2017, with a total value of $2 billion, company chairman Osama el-Bakly said Wednesday.

Over the previous fiscal year, four gas discoveries were announced in the Mediterranean and Nile Delta regions, Bakly said during a meeting with Minister of Petroleum Tarek el-Molla to review the annual results of EGAS, according to a statement from the petroleum ministry.

He stated that these discoveries have contributed in boosting EGAS' production during the year as gas sales stood at 1.63 trillion cubic feet of gas.

Bakly added that the state-owned company was able to mitigate the issue of the decline in wells' production through using new technologies and techniques.

On the near term, EGAS will issue an international auction for oil and gas exploration in the West Mediterranean area, the chairman added.

Speaking about the achievements of the company in FY 2016/2017, Bakly said that five new natural gas pipelines were completed and connected to the national gas grid.

The power plants consumption recorded 61 percent of the local gas production, Bakly added.

In FY 2016/2017, natural gas was delivered to around 580,000 households to reach a total of 8.14 million residential units. It was also connected to 1,541 commercial customers and 442 new bakeries.

Moreover, around 6,400 vehicles were converted to run on natural gas, instead of petrol, to reach a total number of 230,000 vehicles.