The Egyptian Natural Gas Holding Company (EGAS) plans to drill 13 exploration gas wells in the Mediterranean and the Nile Delta during fiscal year (FY) 2022/2023, the Chairman of EGAS, Magdy Galal, announced in a statement.
Galal added that the company seeks to enter into three gas exploration agreements and implement five gas development and production projects to bring 33 gas wells onstream.
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These wells will add 450 million cubic feet of gas and produce 17,200 barrels of condensate.
During the general assembly meeting, Galal further remarked that the company will invest $900 million in gas exploration, development, and production to raise the total value of investments in the current and next fiscal years to more than $1.6 billion.
