Egypt inks $934m in new gas agreements
Egypt has signed $934 million across eight exploration and research agreements, following a push to attract new entrants to develop its burgeoning gas market. The agreements were signed by state-owned Egyptian Natural Gas Holding Company (EGAS).
Since its adoption of a framework to develop and monetize natural gas over a half-decade ago, the North African producer has witnessed increasing levels of gas production, translating to domestic gas self-sufficiency and the export of gas within the region.
According to Magdy Galal, Director of EGAS, $65 million in grants were signed in addition to the investments in research and exploration. Furthermore, the company is finalizing six other agreements that encompass up to $731 million in investments.
Established in 2001, EGAS currently holds a stake in 37 other exploration agreements.