The Egyptian Natural Gas Holding Company (EGAS) plans to drill and develop natural gas fields in the Mediterranean Sea in order to boost production to around 6 billion cubic feet per day (bcf/d) by the end of fiscal year (FY) 2017/2018, which will gradually increase to 7 bcf/d of natural gas by the end of FY 2018/2019 upon completing Zohr, Atoll, Giza, and Fayoum field, and after adding 39 development wells to production, according to EGAS’s Head, Ossama El Bakly, Egypt Oil & Gas reports.
The company further plans to issue an international bid round during the second half of FY 2017/2018 for exploration in the offshore East Mediterranean and onshore Nile Delta, El Bakly pointed out during the general assembly chaired by Minister of Petroleum and Mineral Resources, Tarek El Molla, to review and authorize the budget plan of FY 2018/2019.
Additionally, EGAS will perform seismic survey in the West Mediterranean and will execute an international marketing campaign to prepare for launching an international bid round for the area, El Bakly announced.
