Egypt is continuing with its program to attract new international companies to research and explore natural gas on its territory. Eight new exploration agreements totaling $ 934 million have just been signed within this framework.
On Tuesday, the Egyptian state-owned natural gas company (EGAS) signed 8 research and exploration agreements for total investments of $ 934 million. This, within the framework of the overall strategy adopted by the Egyptian government to develop its natural gas resources.
The parties to the agreements were not mentioned.
With this program started more than five years ago, the country recorded its highest level of natural gas production, to the point of resuming exports and achieving gas self-sufficiency.
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Tarek El Molla, Egyptian Minister of Energy added that in addition to attracting new international companies to research and exploration in the territory, natural gas also plays an important role in improving economic returns. . He also recalled that the project to transform Egypt into a regional center for the handling and trade of gas and oil is under preparation. Among other things, the project will enable Egypt to transform gas from two major Greek fields, before channeling it to the European market.
Magdy Galal, director of EGAS explains that in addition to the $ 934 million in investments, there are also signed grants worth $ 65 million. Mr. Magdy adds that the company is currently finalizing 6 other agreements for investments of up to $ 731 million.
Note that EGAS is a stakeholder in 37 other exploration agreements thanks to the entry of Exxon Mobil and Chevron into gas exploration in Egypt, as well as an increase in investments by companies such as Shell and Total.
