Egypt looks to maintain upstream gas momentum

16 March 2015

Egyptian Natural Gas Holding Company targets ten new concession agreements in 2015

Egyptian Natural Gas Holding Company (Egas) is looking to sign at least ten new concession agreements in 2015, according to Egas chairman Abdel Badie who spoke to MEED on the sidelines of the Egypt Economic Development Conference.

“Our efforts to increase exploration and production activities will not stop when the conference ends,” he said.

Badie’s comments come after Egas launched a bid round for eight offshore gas exploration blocks in February.

Egypt is currently looking to ramp up exploration activities and investment in oil and gas infrastructure in an effort to reverse declines in its gas production.

Egyptian production peaked in 2009, averaging 6.07 billion cubic feet a day (cf/d), according to the BP Statistical Review of Energy.

Between 2009 and 2013, it dropped by 10 per cent, averaging 5.42 billion cf/d in 2013.

Since late 2013 Egypt has signed 56 new and modified concession agreements and slashed its debt to international oil companies by around half.

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