Cairo – Mubasher: The Egyptian Natural Gas Holding Company (EGAS) announced the singing of nine new agreements for gas exploration with investments of $981 million.
The agreements include the drilling of 18 exploratory wells, the Chairman of EGAS, Magdy Galal, said in a statement on Sunday.
The company plans to drill 11 wells in Delta and the Mediterranean Sea as well as drill another nine wells, he added.
EGAS also intends to sign three development agreements with investments of $377.7 million.
The company is also implementing a plan to deliver natural gas to 1.2 million households in fiscal year 2020/2021.
Moreover, the company’s output is planned to increase to 7.2 billion cubic feet of gas per day and 100,000 barrels of condensates in FY21/22.
Since July 2013, the total number of households connected to natural gas has increased by 6.5 million from 5.5 million over the last 33 years.
This came during the general assembly headed by the Minister of Petroleum and Mineral Resources, Tarek El-Molla, to approve the company's planned budget for FY21/22.
