An Official Source at the Egyptian Natural Gas Holding Company(EGAS) stated to Egypt Oil&Gas that the government is considering adjusting natural gas prices in some agreements with foreign oil companies. This step came in order to achieve economic balance between foreign investors and the sector’s corporates.
The source added that cabinet is still examining the new prices for natural gas, which ranges between $5 to $ 6.5m/ BTUs. This action will enhance the investment environment in Egypt, particularly in the energy industry, which is a main pillar for the economy.
He also mentioned that the Ministry of Petroleum and Mineral Resources is planning to hold more bidding rounds during 2017 in the field of natural gas and oil exploration in different areas, including the Mediterranean and the Red Sea, through EGAS, EGPC and Ganoub El Wadi Petroleum Holding Company.
The Ministry is currently working on a new plan to develop infrastructure and refineries in order to optimize their performance and increase the production of all petroleum products supplied to local market.