Cairo – Mubasher: Egyptian Natural Gas Holding Company’s (EGAS) CEO Osama El Bakly said that a new global tender will be launched for oil and gas exploration in Egypt’s western Mediterranean.

This tender will be launched prior to completing the initial phase of the single-risk regional seismic scan project during fiscal year 2017/2018, El-Bakly added on the sidelines of EGAS’ general meeting to approve the financial results of FY16/17.

El-Bakly noted that six new projects for natural gas development and expansion have been implemented with investments up to $2 billion, according to a statement released by the Ministry of Petroleum and Mineral Resources.

Total sales of gas stood at 1.63 trillion square feet, he stressed, adding that four new explorations have been found in the Mediterranean and the Nile Delta.

The CEO further revealed that five new projects have been executed for setting up gas lines to support the national natural gas grid and expand the electricity network to reach 48,500 kilometres.