Cairo –  Egyptian Natural Gas Holding Company (EGAS) is completing procedures for the signing of seven gas exploration contracts with global companies, scheduled to take place in the fourth quarter of 2019.

The new contracts will see the pumping of $712 million in investments for the drilling of 23 wells, according to a company statement.

EGAS’ natural gas output reached a peak of 7.2 billions of cubic feet (bcf) in September, chairman Osama Wafik El-Bakly commented.

During the fiscal year 2018/2019, the number of gas explorations reached 15, including 5 on the Mediterranean coast and 10 in the Western Desert, the top official said.

El-Bakly revealed that EGAS completed 7 natural gas projects in FY18/19, which added 1.3 bcf per day and 2,155 barrels of gas condensates.

The growth in EGAS’ output contributed to the achievement of Egypt’s gas self-sufficiency, increasing the county’s production by 21%, El-Bakly noted.

Source: Mubasher

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