During the Egyptian Natural Gas Holding Company’s (EGAS) general assembly meeting, Chairman Yassin Mohamed highlighted the company’s key achievements and future targets for fiscal year (FY) 2024/25 and FY 2025/26. The meeting was attended by Minister of Petroleum and Mineral Resources Karim Badawi.

In the first half of FY 2024/25, EGAS completed seven exploratory and evaluation wells. Notably, bp is currently drilling the Fayoum-5 well in the North Alexandria area. A comprehensive 3D seismic survey program covering 2,100 km² in the western Mediterranean’s King Ramses Block has been completed with seismic data being processed to attract further investments.

For the second half of FY 2024/25, four new exploratory wells are planned. Looking ahead to FY 2025/26, EGAS aims to drill 17 exploratory and evaluation wells in the Delta and Mediterranean Sea with a total investment of $434 million. Additionally, a 4D seismic survey in the deep marine West Delta area and a 3D seismic survey OBN in the Zohr field area are slated for implementation.

Minister Badawi emphasized the need for an urgent plan to develop undeveloped natural gas discoveries, aiming to increase local production and reduce imports. This aligns with the Ministry’s strategy to maximize Egypt’s petroleum wealth.

During the first half of FY 2024/25, EGAS implemented five projects to develop gas fields, placing eight new development wells on the production map. These projects achieved a total production rate of about 275 million cubic feet of gas per day (mcf/d) and around 7,000 barrels of condensates per day (bbl/d), with total investments of $520 million.

In the second half of FY 2024/25, four more development projects are planned, along with the addition of 14 new development wells. This is expected to yield an initial production rate of about 475 mcf/d of gas and 11,000 bbl/d of condensates, with a total investment of $845 million.

For FY 2025/26, EGAS plans to implement seven development projects and place 24 new wells on the production map. The projected initial production rate is approximately 630 mcf/d of gas and 7,000 bbl/d of condensates, with investments totaling about $1.245 billion.

In the first half of FY 2024/25, a global bid for gas exploration in 12 areas in the Mediterranean and Nile Delta was announced. The results are expected to be finalized in the second half of the year, with plans to sign five new agreements and amend an existing one for exploration and production. In FY 2025/26, EGAS will complete procedures for signing new agreements based on the global auction results and amend existing agreements.

Minister Badawi praised the incentive packages that have encouraged international oil and gas companies to intensify their operations in Egypt. He noted that recent conferences, such as EGYPES, have accelerated the pace of agreements and discussions, opening new areas of cooperation.

Badawi emphasized the importance of integrating efforts with the petroleum sector, government, and parliament to maximize Egypt’s petroleum wealth. He highlighted the positive impact of these projects on increasing local production and reducing imports, aligning with the Ministry’s strategic objectives.