Arab Finance: The Egyptian Natural Gas Holding Company (EGAS) has signed 11 new agreements worth at least $925 million with international companies for natural gas exploration, research, and production during the fiscal year (FY) 2023/2024, EGAS’ Executive Managing Director Yasseen Mohamed announced on September 23^rd.

Five new areas in the Mediterranean and the Nile Delta have been awarded for investment in exploration and research, with a total investment of approximately $400 million.

EGAS has launched its latest global bid for 2024 in natural gas exploration through the Egypt Upstream Gateway (EUG).

To support these initiatives, the company has completed five seismic survey programs covering 24,000 square kilometers, resulting in discoveries that added reserves of 1.3 trillion cubic feet of gas and 30 million barrels of oil and condensates.

Currently, drilling is underway for four new gas wells, with a total investment of $640 million.

In production, Mohamed noted that 19 new gas wells were added to the production map, involving new fields and expansions, with a total investment of $613 million.

The local market's annual natural gas consumption reached 2.2 trillion cubic feet, averaging about 6 billion cubic feet per day.

The electricity sector is the largest consumer, accounting for about 58% of total gas consumption.

Additionally, approvals were granted to supply 290 factories with gas, while imported gas quantities to meet local market needs amounted to around 337 billion cubic feet during the year.

In total, 675,000 housing units were connected to natural gas, replacing butane cylinders, bringing the total to about 15 million nationwide. Connections were also made to around 15,000 commercial establishments and 97 factories.

Efforts to promote natural gas use in transportation included converting about 50,000 cars to run on natural gas, establishing 75 new gas stations, and setting up 24 centers for dual-fuel conversions. The national network of natural gas transmission lines has also been expanded with investment costs exceeding EGP 660 million.

EGAS achieved 19 million safe working hours without lost time, reflecting its commitment to occupational safety and health.

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