The Egyptian Natural Gas Holding Company (EGAS)  awarded nine new natural gas exploration blocks and finalized six new agreements with total investments of approximately $479 million during fiscal year (FY) 2024/25, according to the company’s chairman and Managing Director, Mahmoud Abdelhamid.

He revealed these figures during the EGAS  general assembly meeting, chaired by Karim Badawi, the Minister of Petroleum and Mineral Resources. The chairman pointed out that several seismic survey programs have been completed in various exploration and prospecting areas by the company. Badawi emphasized the importance of these surveys, which serve as an incentive for companies interested in working in Egypt’s oil and gas sector. He noted that these surveys provide comprehensive data on petroleum reservoirs, encouraging companies to invest in exploration and prospecting.

EGAS made 29 natural gas discoveries in the Mediterranean Sea, the Western Desert, and the Gulf of Suez, in addition to three successful wells in the Mediterranean and the Delta. This contributed to maximizing reserves, with the volume of added gas stock during the year reaching 1.85 trillion cubic feet.

Furthermore, seven new projects for gas field development were completed, in addition to 23 development wells that were put into production, with a total investment of approximately $1.7 billion.

Regarding the rates of natural gas delivery to homes, the total number of residential units that received gas throughout the year stood at  572,000, bringing the total number since the start of the program to about 15.5 million units. Additionally, around 47,500 vehicles were converted to run on gas, and 34 new gas refuelling stations and 17 vehicle conversion centers were established across various governorates to operate on compressed natural gas (CNG).

EGAS is an Egyptian state-owned holding company that engages in the exploration, drilling, production, processing, transmission, and distribution of natural gas.