The Egyptian government approves a series of agreements for the exploration and development of energy projects, involving the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC) and various international and domestic companies, with a joint investment amounting to US$200 million.
Support for energy projects to solve electricity crisis
In an official statement, the government of Egypt mentioned that these approvals are part of a strategy to mitigate the current electricity crisis which has caused daily power outages of up to three hours. These agreements include commitments for the exploration and exploitation of natural gas and crude oil in the North Port Fouad area in the Mediterranean Sea, as well as in similar projects in South Nour, also in the Mediterranean, and North El-Khatatba in the Nile Delta.
[post_relacionado]In addition, the agreements include modifications to existing commitments, focusing on oil exploration, development and exploitation in the Horus Development Area, located in the Western Desert, and in the South Dabaa Development Area.
The country is a major producer of natural gas, with an average annual production of approximately 60 billion cubic meters, but still faces a deficit with respect to annual demand, which stands at around 62 billion cubic meters.
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Source: OGV
Photo: Unsplash