On Monday, the Egyptian Natural Gas Holding Company (EGAS) said that it had signed 5 new agreements for oil and gas research and exploration, with total grants of 41 million dollars and investments of 684 million.
In its 2019-2020 yearly report, the company said that the Parliament approved 9 other agreements with a total of $ 24 million in grants and total investments of $ 981 million.
It added that it seeks to increase gas production to 7.54 billion cubic feet per day and condensates to 105,000 barrels per day in fiscal year 2020/2021.
In FY19/20, the state-owned company produced about 2.4 trillion cubic feet of natural gas, averaging about 6.550 billion per day, according to a report released on Sunday.
EGAS aims to drill 10 exploratory wells in Nile Delta and the Mediterranean at an estimated cost of $231.7 million. It expects signing three deals at a total signature bonus of $5.325 million.
The state-run firm also plans to bring five development projects into production at total initial output of 1,155 million feet per day and an additional average production of 570 million feet per day. The total cost of the five projects is estimated at $6.23 billion.
EGAS is planning to invest $397.3 million over the 12-month period ending on 30 June 2021.
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