Egypt’s EGAS targets upstream investments of $690m in fiscal year 2020/2021

EGAS, the Egyptian public gas company, is seeking to sign seven new upstream agreements, with total investments of $ 690 million during the 2020/2021 fiscal year. The announcement was made on Thursday by its president Osama El-Bakly who presented the company’s plans for next year.

In parallel, EGAS wants to drill 10 wells in the Nile Delta and the Mediterranean Sea with combined investments of $ 328 million as well as signing bonuses of $ 16 million during the exploration period. 4 other development contracts with signing bonuses of $ 20 million and the launch of two new projects for an initial production of approximately 537 million cubic feet per day are targeted.

This should bring average production to around 7.5 billion cubic feet of gas and more than 100,000 barrels of condensate per day. With the new fiscal year starting next month, the company also hopes to supply 100 factories and 1,000 commercial customers with natural gas, build 36 new natural gas refueling stations, and switch 50,000 cars from gasoline to gas.

 

Source: Agence Ecofin

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