Egypt signs 6 new gas exploration agreements worth $731mln

SectorOil & Gas

The Egyptian Natural Gas Holding Company (EGAS) is finalising six new natural gas agreements worth a total of $731m in investments and a signature bonus estimated at $14m, the company revealed on Sunday.Minister of Petroleum and Mineral Wealth, Tarek El Molla, chaired the company’s General Assembly to review its financial results for fiscal year (FY) 2019/2020.El Molla said that his ministry’s strategy to develop Egypt’s natural gas resources has succeeded in achieving the country’s highest-ever natural gas production rates.During the meeting, EGAS Chairperson Magdy Galal revealed that the company signed five agreements during FY2019/2020, and three other agreements in the first quarter (Q1) of FY 2020/21. The eight agreements have a total value of $934m, with signature bonuses amounting to $51m.He added that the Ministry of Petroleum and Mineral Wealth’s more...