Egypt issues international outbidding in H2 of 2017/18

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Tue, 23 Jan 2018 - 12:02 GMT

FILE - Egyptian Natural Gas Holding Company (EGAS)

FILE - Egyptian Natural Gas Holding Company (EGAS)

CAIRO – 23 January 2018: "Egyptian Natural Gas Holding Company (EGAS) is planning to issue an international outbidding to explore natural gas and crude oil in the Mediterranean Sea and the Land of the Nile Delta, in H2 of 2017/2018," Chairman of EGas Osama al-Bakly said at the general assembly meeting of EGas.

Bakly added that EGas would complete the reflection seismology's project in the west of the Mediterranean Sea, besides working on a marketing campaign to have an international outbidding in the western area, according to the Ministry of Petroleum's press release.

"Drilling development in the Mediterranean Sea targets increasing gas production to six billion cubic feet per day by the end of this year," Bakly said, noting that they aim to raise gas production gradually to seven billion cubic feet per day by the end of next year, after the completion of Zohr, Atool, Giza and Fayoum's Fields.

The company plans to add 39 wells to increase production, and to execute new projects to supply power stations with natural gas, according to the release.

Chairman of EGas clarified that the electricity sector takes up to 61 percent of the total consumption of gas, while the remaining sectors consume 39 percent.

According to the press release, EGas targets to provide 100 factories and 1000 customers with gas, in addition to turning 15,000 cars into gas and building 10 new gas stations.

The general assembly meeting of EGas was conducted to authenticate the planning budget of 2018/2019.

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