Egypt’s state gas firm to invest $2.6bln in 2024-2025

State-owned Egyptian Natural Gas Holding Company (EGAS) is planning to invest nearly $2.26 billion in the 2024-2025 fiscal year, according to a company report.

The report, published by the Egyptian Arabic language daily Addustour at the weekend, showed the plan would add around 1.5 billion cubic feet of gas per day and nearly 21,300 barrels per day of condensates.

The report said 18 exploratory wells would be drilled during that fiscal year, which starts on 1st July, adding that around $775 million would be spent on this project and a seismic survey of new areas as part of an exploration programme.

Total investments in surveys, research and exploration drilling are expected around $787 million during the next fiscal year, the report added.