In continuation of its program to attract more foreign companies to the development of its gas sector, Egypt recently signed eight (8) new exploration agreements worth $934 million this week.
Egyptian state-owned natural gas company, the Egyptian Natural Gas Holding Company (EGAS), signed the research and exploration agreements on Tuesday, 22nd September 2020, for the exploration and development of natural gas resources on the Egyptian territory. The parties involved in the agreements were not disclosed to the public.
The natural gas development program which commenced over five years ago has been widely successful. It has caused the country to resume exports and Egypt now has sufficient gas to meet its local demand and for export.
The Director of EGAS, Magdy Gala said that aside the agreements signed, there are also signed grants worth $65 million. He added that the Company is also finalising six (6) other agreements for investments worth up to $731 million.
The Egyptian Minister of Energy, Tarek El Molla said that in addition to attracting new foreign investors to research and explore in the territory, natural gas is an important player in the improvement of the country’s economic returns. He said Egypt is still on course to be a regional centre for the handling and trade of oil and gas. He added that the project will also enable Egypt to transform gas from two major Greek fields, before sending it to the European market.
EGAS is a stakeholder in 37 other exploration agreements in Egypt. Exxon Mobil, Chevron, Shell, Total, Eni and others are major oil gas companies involved in the exploration of gas in Egypt.
