Egypt Awards Nine New Gas Exploration Blocks Worth $479 Million in Massive Energy Push
The Egyptian Natural Gas Holding Company (EGAS) has awarded nine new natural gas exploration blocks and finalized six new agreements representing total investments of approximately $479 million during fiscal year 2024/25, marking one of the country’s most aggressive energy expansion drives in recent years.
The announcement was made by EGAS chairman and Managing Director Mahmoud Abdelhamid during the company’s general assembly meeting, chaired by Minister of Petroleum and Mineral Resources Karim Badawi. The massive investment drive has already yielded impressive results, with EGAS making 29 natural gas discoveries across the Mediterranean Sea, Western Desert, and Gulf of Suez regions.
The exploration success has contributed significantly to Egypt’s energy reserves, with the volume of added gas stock reaching 1.85 trillion cubic feet during the year. Seven new gas field development projects have been completed alongside 23 development wells that entered production, representing an additional $1.7 billion in investments.
The domestic energy program has also shown remarkable progress, with 572,000 residential units receiving gas connections throughout the year, bringing the total to approximately 15.5 million units since the program’s inception. The infrastructure expansion includes 47,500 vehicle conversions to gas, 34 new gas refuelling stations, and 17 vehicle conversion centers across various governorates.
Source: egyptoil-gas.com
