The Italian company, Eni, announced earlier a new gas discovery at the Nargis-1 exploration well located in Nargis Offshore Area Concession, in the Eastern Mediterranean Sea, offshore Egypt.
Gas exports increased by 44 percent during 2021/2022 on an annual basis, as 84 shipments of liquefied natural gas were exported from the gas liquefaction plants in Idku and Damietta.
The Cabinet said in a statement, Thursday, that the project is being built within the framework of the trend towards expediting the exploratory operations in the "Northeast of Al-Arish" offshore area.
Galal said Egypt has a big infrastructure that is not available in the neighboring countries that has natural gas fields.
The agreement aims to promote Egyptian gas export to Europe, and specifically to Italy, in the context of the transition to a low carbon economy.
The Egyptian Natural Gas Holding Company (EGAS) and Jordan's National Electric Power Company (NEPCO) on Thursday signed an extension of a contract to supply natural gas.
ISO 50001 is a systematic framework that helps organisations manage energy and address their environmental impact, conserve resources, and improve the bottom line through efficient energy management.
The EGAS, in a statement issued on Saturday, said a settlement agreement and another framework agreement signed with ENI, Naturgy, Union Venusa Gas and the Spanish Egyptian Natural Gas Company (Cigas) were canceled.
The company also signed four development contracts with a total of $20 million grants.
The new agreement was signed with the Egyptian Holding Company for Natural Gases "EGAS" and the German company Wintershall Dea, the ministry clarified in a statement.
It clarified that 25 percent of the amount will be paid in advance, at a value of $1.5 million.
The volume of production of the liquefaction plant in Edco is expected to reach 100 percent in the coming period, the sources said.
The company's annual report of the fiscal year 2018/2019 said that 45 gas shipments were exported during the last fiscal year.
The company reached revenues of LE 606.94 million by the end of March, compared to LE 397.33 million during the compared period of the previous year.
The protocol aims at improving and producing prepayment gas meters that are smart and up to the international standards.
Egyptian Natural Gas Holding Company (EGAS) tendered to sell four cargoes of liquefied natural gas (LNG) for loading in April.
Shell Egypt NV Company won five sectors of EGAS biddings
Egypt has recently signed several oil agreements for the exploration of oil and gas in several areas, including the Mediterranean and the Gulf of Suez.
The ministry has also been maximizing its efforts in the Household Natural Gas Connection Project that aims at increasing household access to reliable, lower cost and grid connected natural gas supply.
The ministry noted that EGAS failed to supply the project with gas due to the difficult situation in Egypt following the 25 January, 2011 revolution.