Egypt seals 108 oil, natural gas deals with international companies in 7 years

Egypt has signed 108 agreements for oil and natural gas exploration with global companies over the past seven years at a value of at least $22 billion, Minister of Petroleum and Mineral Resources Tarek El-Molla revealed in a speech during Al-Ahram Energy Conference on December 12th.

El-Molla stated that 27 projects were carried out for the development of natural gas fields over the past seven years, with investments estimated at $21 billion.

The average natural gas production of the country reached 6.5 billion cubic feet a day, he noted.

The National project to deliver natural gas to households has recorded unprecedented rates, with delivery rates increasing to around 1.2 million clients annually during fiscal year (FY) 2021/2022, he said, adding that natural gas has been delivered to up 14 million units for the first time.

Moreover, the minister said that up to 477,000 vehicles have been converted to run by natural gas.