Monday, 18 October 2021 11:51 GMT

Egypt extends 9 international natural gas exploration auctions until end of September


(MENAFN)According to chairman of the Egyptian Natural Gas Holding Company, the Magdy Galal, nine international natural gas exploration auctions that were declared in March were widened until the end of the current month.

In addition; nine new natural gas exploration deals were signed with international companies, amounting at 44. The new exploration licenses are going to lead to investment of about USD1 billion with signature grants standing at USD24 million, Galal further declared.

Eight new discoveries of natural gas, two discoveries in the Mediterranean and six in the Western Desert, were seen in 2020, adding a predicted 600 billion cubic feet of new reserves.

Four projects were set for the development and production of gas from the discovered fields with investments of over USD4 billion and 15 new wells were placed on the gas production map, with an average daily production of 1.4 billion cubic feet of gas and over 25,000 barrels of condensate.


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