CAIRO: The Egyptian Natural Gas Holding Company (EGAS) has signed eight research and exploration agreements with investments of $934 million.
Five agreements were signed during the last fiscal year and three others during the first quarter of this fiscal year.
Minister of Petroleum and Mineral Resources Tarek El-Molla said that the integrated strategy adopted by the ministry to develop Egypt’s natural gas resources has succeeded in recording the highest rates of natural gas production in the history of the country, achieving gas self-sufficiency and resuming exports.
He said that natural gas plays a significant role in achieving economic returns, in addition to attracting new international companies to work in the field of research and exploration in Egypt.
El-Molla said a project to transform Egypt into a regional center for the handling and trade of gas and oil is being planned.
The minister stressed the importance of implementing the national project for providing natural gas to all Egyptian governorates and citizens.
Magdy Galal, EGAS head, reviewed the development of natural gas production rates during the past five years and the efforts to confront the natural decrease of wells.
He said that during the recent fiscal year, the company signed a total of five agreements. On top of the $934 million in investments, there were also signing grants worth $51 million.
He added that the company has 37 ongoing agreements, a result of a Ministry of Petroleum and Mineral Resources strategy, which attracted new investments and the entry of Exxon Mobil and Chevron in the field of research and exploration in Egypt, and an increase in investments from companies such as Shell and Total.
He said the company is finalizing six other agreements with investments of $731 million and $14 million in signing grants.