The Egyptian Natural Gas Holding Company (EGAS) announced that it will sign three development contracts worth $377.7 million and that the natural gas production rate is planned to reach 7.2 billion Cubic feet of gas per day (bcf/d) and 100 thousand barrels of condensate, according to a press release.
The new data was announced during the EGAS general assembly meeting, which was held to approve the planning budget for the FY 2021/22 and was headed by the Minister of Petroleum and Mineral Resources, Tarek El Molla.
During the meeting, EGAS has showcased the implementation details of three projects for developing the natural gas fields of Pharaonic petroleum, Balayim Petroleum (Petrobel) and Disouq Petroleum (Petro Disouq) companies.
Meanwhile, EGAS chairman, Magdy Galal elaborated that the company will expand the establishment of natural gas fuel stations and construct infrastructure for the natural gas network to feed 1,500 villages.
He also referred to the finalization of nine exploration and production (E&P) agreements worth $981 million for natural gas. These agreements include drilling of 18 exploratory wells.
Galal added that the company has successfully finished drilling of two exploratory wells as well as conducting 3D seismic survey in areas of agreement in the west of the Mediterranean.
Galal stated that EGAS is implementing a plan to connect 1.2 million housing units along the year, noting that the total housing units that linked to natural gas reached 6.5 million since July 2013, and another plan to expand usage of natural gas in factories and as vehicles fuel.
He also referred to the reoperation of the Damietta plant for liquified natural gas (LNG) after eight years of closure.
El Molla praised the continuous support of the political leadership which helped in the successes achieved in the natural gas sector. He stressed that these developments will support Egypt’s conversion into an energy regional hub.