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EGAS exports 84 LNG shipments from Idku, Damietta plants in FY 2021/2022

EGAS exports 84 LNG shipments from Idku, Damietta plants in FY 2021/2022

Arab Finance: Egyptian Natural Gas Holding Company (EGAS) has exported 84 shipments of liquified natural gas (LNG) from the LNG plants in Idku and Damietta in fiscal year (FY) 2021/2022, according to the indicators published by the Ministry of Petroleum and Mineral Resources on September 28th.

The volume of EGAS’ exports grew by 44% year-on-year (YoY) in FY 2021/2022, Managing Director of EGAS Magdy Galal said during the company’s general assembly to approve FY 2021/2022 results.

The company’s daily average production of natural gas amounted to around 6.7 billion square feet, Galal added.

Moreover, the company implemented 14 projects for the development of natural gas fields, as well as drilled 20 new wells that are operational with initial production of 1.2 billion feet square and 23,700 barrels of condensates per day, at a total cost of $680 million, he highlighted.

He also mentioned that two global bids were launched for oil and gas exploration in the past fiscal year, under which three concessions were awarded to ENI and bp with a total investment of $278 million, along with signed grants worth over $29 million.

Under the first phase of Decent Life, the company helped in delivering natural gas to 118 villages at the end of June 2022, he noted.

Additionally, the company contributed to the conversion of around 80,000 vehicles to run on natural gas in FY 2021/2022, Galal said, adding that 262 gas stations were established.

For his part, Minister of Petroleum Tarek El-Molla said that the oil sector is getting ready to implement an ambitious plan within the coming two fiscal years.

As per the plan, the ministry will carry out an unprecedented natural gas exploration program for drilling 31 wells.

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