EGAS 6 new agreements with investments of 731 million dollars

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EGAS announced today that, they are in procedures for signing 6 new agreements with investments of 731 million dollars.

in fiscal year 2019/2020 5 agreements have been signed, in addition to 3 other agreements during the first quarter of the current fiscal year, bringing a total to 8 agreements with investments of 934 million dollars, bringing the total of the agreements in force to 37 agreements.

EGAS succeeded in attracting new investments and entering ExxonMobil and Chevron to work in the field of research and exploration in Egypt for the first time, in addition to increasing the investments of current companies such as BP, Shell, and Total, adding that

Harvesting the company’s activity in searching for gas and developing fields was represented in drilling 12 exploration wells in the Mediterranean and the Nile Delta, which resulted in 7 discoveries in the field of field development projects and maintaining the increase in production rates 7 new projects were put in place on production and 4 projects were completed with a total of 31 A well and the first production is about 1.6 billion cubic feet of gas per day, in addition to about 19 thousand barrels of condensate per day, with an investment cost of about 1.1 billion dollars.

The projects that were completed during the year totaled about $ 1.1 billion in investments, the most prominent of which were:

  • Completion of the second phase of Zohr field.
  • Completion of phase (9B) of the West Delta project.
  • Completion of the second phase of the Camus project in North Sinai.
  • And the completion of the Desouq project phase B.
  • Southwest Baltim field development project “Braksh”.
  • The Begonia field development project of the Wastani and Dana Gas companies.
  • Completion of the construction works of the Khubari-Palace pipeline for Apache Corporation.
  • The South Desouk field and the Ibn Yunis field development project of the Sea Dragon Company.
  • East South Abu Naga field development project for Dana Gas Company.

Achieving self-sufficiency in natural gas and stopping LNG imports