FILE PHOTO - A liquified natural gas (LNG) storage tank and workers are reflected in a puddle at PetroChina's receiving terminal at Rudong port in Nantong, Jiangsu province, China September 4, 2018. REUTERS/Stringer
CAIRO - 27 February 2020: The Egyptian Natural Gas Holding Co. (EGAS) said it seeks to up its production to 7.5 billion cubic feet daily and more than 100,000 barrels of condensate during the fiscal year 2020-2021.
The company plans for drilling 10 wells in the Nile Delta and the Mediterranean Sea at total investments of dlrs 328 million in addition to inking seven new agreements at about dlrs 690 investments and 16-million-dollar signature grants during the prospection period.
The company also signed four development contracts with a total of $ 20 million grants.
The company also plans to implement two new projects and finalize an ongoing project for digging a total of 42 wells whose initial production will stand at 537 million cubic meters daily.
During the EGAS general assembly meeting, Petroleum Minister Tarek el Molla said the petroleum sector is proceeding with its development march.
In a statement on Thursday, Molla said ambitious programs are under way to increase natural gas output.
He noted that 2019-2020 witnessed a leap in natural gas production due to the ministry's plan of accelerating the development of discovered natural gas wells to cater for the local market needs.
Molla underlined the ministry's plans to lure investments into the petroleum sector.