Yassin Mohamed, Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS), announced on September 23 the signing of 11 new gas exploration and production agreements with global companies. These deals involve a minimum investment of $925 million, along with a $30 million signing bonus.
During the General Assembly for the fiscal year 2023/2024, Mohamed highlighted key sector achievements, including the allocation of five new exploration areas in the Mediterranean and Nile Delta, valued at around $400 million in investments. EGAS has also launched a global bid for further gas exploration in 2024.
Minister of Petroleum and Mineral Resources, Karim Badawi, stressed Egypt’s commitment to attracting foreign investment in the gas sector. He emphasized ongoing discussions with international partners to provide necessary incentives for expansion and praised EGAS for its role in securing gas supplies and facilitating investments, particularly in the Mediterranean.
In terms of production, 19 new gas wells were added with an investment of $613 million. Domestic gas consumption reached 2.2 trillion cubic feet annually, with the electricity sector accounting for 58% of this demand. Badawi also emphasized the importance of environmental protection, worker safety, and promoting gender equity in the workforce.
EGAS reported five significant discoveries, adding 1.3 trillion cubic feet of gas and 30 million barrels of oil and condensates to Egypt’s reserves.