A report received by the Minister of Petroleum and Mineral Resources, Tarek El Molla indicated that Egypt has drilled exploration wells of natural gas during the current fiscal year (FY) of 2019/20 with totals investments of $314 million, according to a press release.
According to the report, ten wells have already been drilled, while one well is in progress.
The report indicates that Egypt has signed five agreements for natural gas exploration in addition to another two agreements which are being signed with investments of $975 million and signature bonus worth $46 million noting that other seven agreements have been initialed with investments of $690 million and signature bonus of $19 million.
The report presented by the Chairman of Egyptian Natural Gas Holding Company (EGAS), Osama Al Bakly, elaborated that Egypt’s average of natural gas production reached 7.2 billion cubic feet per day. It also referred to the implementation of six projects in South West Baltim , Qasr, South Disouq, Ebn Younis, South East Abu El Nagga and Faraskour in addition to four projects which are being completed including Phase 2 of Kamous field, Phase B of Disouq, Phase 2 of giant Zohr field and Phase 9 of Burullus with total of 28 wells in production as well as 13 development wells.
According to the report, Egypt continues to secure natural gas needs for the consuming sectors noting that it succeeded in delivering natural gas to 936,000 housing unit, 48 industrial institutions, 163 commercial facilities as well as converting 39,000 vehicles to run on natural gas during this period despite the current challenges imposed by the coronavirus outbreak.
For his part, El Molla commented that the strategy of Ministry of Petroleum has successfully achieved its goals of developing Egypt’s natural gas resources during the last four years referring to the increase of international companies’ investments in Egypt and achieving the highest rates of production and becoming self sufficient. He added that the ministry is focusing its efforts now on supplying natural gas to contribute to developing local industries.