The Egyptian Natural Gas Holding Company (EGAS) is planning to implement seven gas development projects and place 24 new wells on the production map in fiscal year 2025/26 (FY25/26).

The announcement was made during the EGAS general assembly meeting, attended by Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, reported Egypt Oil & Gas.

Badawi emphasised the urgency of exploiting undeveloped natural gas discoveries to boost local production and reduce imports.

This initiative aligns with the ministry’s strategy to maximise Egypt’s petroleum wealth.

During the first half (H1) of FY24/25, EGAS finished drilling seven exploratory and evaluation wells, with bp now drilling the Fayoum-5 well in the North Alexandria area.

In H1 FY24/25, EGAS carried out five projects to develop gas fields, adding eight new development wells to the production portfolio.

These projects reached a total production rate of around 275 million cubic feet per day (mcf/d) of gas and approximately 7,000 barrels per day (bpd) of condensates, with total investments amounting to $520m (E£26.34bn).

A 3D seismic survey covering 2,100km² in the King Ramses Block of the western Mediterranean has been completed and is now being processed to attract more investments.

For H2 FY24/25, four new exploratory wells are planned.

Additionally, four more development projects are planned for H2 FY24/25, with the addition of 14 new development wells.

With a total investment of $845m, this is anticipated to deliver an initial production rate of approximately 475mcf/d of gas and 11,000bpd of condensates.

During FY25/26, EGAS aims to drill 17 exploratory and evaluation wells in the Nile Delta and Mediterranean Sea, with a total investment of $434m.

A 4D seismic survey in the deep marine West Delta area and a 3D ocean bottom node (OBN) seismic survey in the Zohr field area are also planned.

For FY25/26, EGAS plans to implement seven development projects and place 24 new wells on the production map.

The projected initial production rate is approximately 630mcf/d of gas and 7,000bpd of condensates, with investments totalling around $1.25bn.

A global bid for gas exploration in 12 areas in the Mediterranean and Nile Delta was announced for H1 FY24/25.

The results are expected in the second half of the year, with plans to sign five new agreements and amend an existing one for exploration and production.