At the Egyptian Natural Gas Holding Company (EGAS) general assembly, Chairman Yassin Mohamed shared the company’s major achievements and outlined its future objectives for fiscal years 2024/25 and 2025/26. The meeting was attended by Minister of Petroleum and Mineral Resources, Karim Badawi.
In the first half of fiscal year 2024/25, EGAS successfully completed seven exploratory and evaluation wells. Notably, BP is currently drilling the Fayoum-5 well in the North Alexandria area. In addition, a comprehensive 3D seismic survey was completed in the western Mediterranean’s King Ramses Block, covering 2,100 km². The collected seismic data is being processed to attract further investments.
Looking ahead, EGAS plans to drill four new exploratory wells in the second half of 2024/25. For fiscal year 2025/26, the company aims to drill 17 exploratory and evaluation wells in the Delta and Mediterranean Sea, with a total investment of $434 million. This includes a 4D seismic survey in the deep marine West Delta area and a 3D seismic survey in the Zohr field area.
Minister Badawi stressed the urgency of developing undeveloped natural gas discoveries to boost local production and reduce imports. This approach supports the Ministry’s strategy to maximize Egypt’s petroleum wealth.
In the first half of FY 2024/25, EGAS launched five projects to develop gas fields, adding eight new development wells. These projects achieved a production rate of 275 million cubic feet of gas per day (mcf/d) and 7,000 barrels of condensates per day (bbl/d), with a total investment of $520 million.
For the second half of 2024/25, EGAS plans to implement four more development projects, adding 14 new wells. These efforts are expected to produce an initial 475 mcf/d of gas and 11,000 bbl/d of condensates, with investments totaling $845 million.
In FY 2025/26, EGAS intends to launch seven development projects, bringing 24 new wells into production. The expected output is 630 mcf/d of gas and 7,000 bbl/d of condensates, with investments of around $1.245 billion.
In the first half of FY 2024/25, EGAS announced a global bid for gas exploration in 12 areas across the Mediterranean and Nile Delta. The results are expected to be finalized by the second half of the year, with plans to sign five new agreements and amend one existing agreement for exploration and production. By FY 2025/26, EGAS will finalize procedures to sign new agreements based on the results of the global auction.
Minister Badawi praised the incentive packages that have helped boost international oil and gas companies’ operations in Egypt. He also noted that recent conferences, such as EGYPES, have accelerated the pace of agreements and fostered new cooperation opportunities.
The Minister emphasized the need for collaboration between the petroleum sector, the government, and parliament to maximize Egypt’s petroleum wealth. He highlighted how these initiatives contribute to increasing local production and reducing imports, aligning with the Ministry’s strategic goals.
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