ArabFinance: The Egyptian Natural Gas Holding Company (EGAS) signed eight investment contracts at a total value of $934 million (EGP 14.69 billion) during fiscal year (FY) 2019/2020 and the first three months of FY 2020/2021, Chairman Magdy Galal said in a September 20th statement.

EGAS sealed $51 million (EGP 802.30 million) worth of signature bonus deals in FY 2019/2020, Galal added.

The company’s production has reached 7.2 billion cubic feet of gas per day, the official noted.

In line with the existing 37 agreements, EGAS is in the final steps of officially signing $731 million (EGP 11.49 billion) more investment deals, the chairman said.

He added that the gas firm will also seal $14 million (EGP 220.22 million) worth of signature bonus contracts.

Galal said the company drilled 12 exploratory wells in the Mediterranean Sea and the Nile Delta during FY 2019/2020.

He further said EGAS carried out developments at a total value of $1.1 billion (EGP 17.30 billion) in FY 2019/2020.

 

*At press time, the conversion rate is $1 = EGP 15.73

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.