Cairo – Mubasher: CEO and Chairman of Egyptian Natural Gas Holding Company (EGAS), Magdy Galal, said that average natural gas production amounted to around 6.70 billion cubic feet per day during fiscal year (FY) 2021/2022, Ahram Gate reported on Wednesday.

In the meantime, the average local natural gas consumption during FY21/22 stood at nearly 6.10 billion cubic feet per day.  

The CEO's remarks came during the general assembly meeting of EGAS, which was held to approve the company's financial results for FY21/22. The meeting was chaired by Tarek El-Molla, Egypt’s Minister of Petroleum and Mineral Resources.

Moreover, Galal noted that a total of 14 projects were implemented to develop gas fields, and 20 new wells were drilled, with a total initial production of 1.20 billion cubic feet of gas per day and 23,700 barrels of condensate per day at a total investment cost estimated at $680 million.

Additionally, five new gas discoveries were made in the Mediterranean Sea and Nile Delta with total reserves of 317 billion cubic feet.

The CEO further revealed that two international auctions for oil and gas exploration were offered digitally for the first time through Egypt Upstream Gateway (EUG), and three blocks were awarded to Eni and BP at a total investment of $278 million.