The Egyptian Natural Gas Holding Company (EGAS) is planning to implement new seven projects and start production from 20 development wells in fiscal year (FY) 2024/2025, with a total of $2.6 billion in investment, Chairman Magdy Galal presented during the company’s general assembly.

These projects and wells are set to have preliminary production rates of approximately 1.5 billion cubic feet of natural gas per day and 21,300 barrels of condensates a day, Galal highlighted.

The company also targets drilling 18 exploratory wells in the Delta and Mediterranean region as well as conducting a seismic survey with total investments of around $775 million.

Additionally, it plans to seal new four grant agreements worth roughly $12 million, along with two development contracts with grants valued at around $400,000.

This brings the total estimated investments for natural gas exploration and drilling to about $787.5 million by the end of FY 2024/2025.

Moreover, EGAS aims to link 900,000 households to the natural gas network in 841 villages as part of Hayah Karima initiative this FY.

© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).