The Egypt Kuwait Holding is investing $650m over the next five years to increase gas production from the Offshore North Sinai concession, Al Borsa reported.

Shamel Hamdy, Member of the Board of Directors, said that projects to increase gas production are currently under implementation and that studies have shown that natural gas reserves in the concession are estimated at 365bcf.

The project aims to boost production from 12mcf/d to 120mcf/d by drilling 17 wells as well as building eight offshore platforms and connecting them to production facilities, whose capacity is estimated at 180mcf/d.

Furthermore, Hamdy pointed out that there are negotiations to adjust the price of gas which will be produced from the concession to meet the interests of both parties.