The company's latest global bid was launched for the year 2024 in the field of natural gas research and exploration through the Egypt Upstream Gateway (EUG).
Egyptian Natural Gas Holding Company (EGAS) signed 11 new agreements with international companies for research, exploration, and production of natural gas, with a total investment of a minimum of $925 million during FY2023/2024, according to a statement by Executive Managing Director of EGAS, Yassin Mohamed. During FY2023/2024, the company signed grants worth $30 million.
Five new areas were awarded and allocated for investment in the search and exploration of natural gas in the Mediterranean Sea and the Nile Delta, with a total minimum investment of about $400 million, Mohamed added.
The company's latest global bid was launched for the year 2024 in the field of natural gas research and exploration through the Egypt Upstream Gateway (EUG).
The number of explorations made was five, adding reserves of 1.3 trillion cubic feet of gas and 30 million barrels of oil and condensates, and the drilling of 4 new wells to search for gas is being completed, with a total investment of $640 million.
In the natural gas production field, he explained that 19 new gas wells have been placed on the production map, including new fields, expansions, and wells to develop the production of existing fields, with a total investment of $613 million.
The various consumption sectors in the local market were provided with their needs for natural gas, as the total annual domestic consumption reached 2.2 trillion cubic feet of gas, with an average of about 6 billion cubic feet per day.
EGAS converted nearly 50,000 cars to run on natural gas, and established 75 new gas stations and 24 centers to convert cars to run on dual fuel.
The company implemented projects to support and expand the national network of natural gas transmission lines at an investment cost of more than EGP 660 million.
