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EGAS (Egyptian Natural Gas Holding) Signs 9 Natural Gas Exploration Agreements Worth USD981mn

15 Mar 2021

While chairing the General Assembly of the Egyptian Natural Gas Holding Company (EGAS), the Minister of Petroleum and Mineral Resources, Tarek el-Molla, said that Egypt has become more credible in the oil and gas sector after successfully settling arbitration cases with international companies recently. He also said that this marks a new zero-debt phase for the industry.

EGAS’s chairperson, Magdy Galal, announced that 9 new gas exploration agreements have been signed to drill 18 exploration wells, with total investments worth USD981mn. He said that 2 exploration wells have already been drilled, and a 3D seismic survey has been conducted in the Western Mediterranean over an area totalling 18,000 km2. Furthermore, he said that 3 projects to develop natural gas fields have been completed and 4 new wells have been linked to production. As well, he mentioned the re-opening of the Damietta LNG plant after 8 years of not operating, with 3 shipments already exported through it.

On a related note, he also stated that the company will be delivering natural gas to 2.1mn residential units this year, bringing the total number of deliveries since July 2013 to about 6.5mn units. This marks a steep increase in deliveries compared to the 5.5mn deliveries performed since natural gas was first delivered to homes 33 years ago. (Source: Egypt Today, Daily News Egypt)

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