Cairo – Mubasher: Egyptian Natural Gas Holding Company (EGAS) is planning to drill 13 wells in the Nile Delta and the Mediterranean with over $510 million in investments during fiscal year 2019/2020, the state-run company’s chairman said.
EGAS will conduct a 3D seismic survey in the west of the Mediterranean and will start production from new nine projects, Osama Al-Bakly highlighted.
Al-Bakly added that EGAS will also complete another two projects with a total of 37 wells, as well as adding 45 wells on production plan, according to a statement by the Egyptian petroleum ministry.
The company is set to implement a number of new projects to maintain meeting all sectors’ demand for gas by 100%, EGAS chairman said.
He further noted that EGAS is planning to deliver natural gas to nearly million residential units at a cost of around EGP 3.5 billion, upon which the number of units supplied with gas across the country will reach 10.8 million by the end of 2020.
Almost 100 factories and 1,000 clients will be provided with gas and around 35,000 cars will be operated by gas to reach a total of 310,000 gas-fueled cars, Al-Bakly indicated.
He also said that around 17 gas filling stations will be established, in addition to eight centres for turning cars to operate by gas.
This came on the sidelines of the general assembly of EGAS headed by petroleum minister Tarek El-Molla to endorse the company’s budget scheme for FY19/20.
