EGAS and Harbour Energy Expand Gas Exploration in Egypt
EGAS and Harbour Energy have signed an agreement to enhance exploration in the Desouq concession, committing up to $18 million in investments. This initiative follows successful drilling results that indicated significant gas reserves, aiming to boost Egypt's natural gas production capacity.
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EGAS and Harbour Energy have formalized an agreement to expand gas exploration in the Desouq concession in Egypt, which includes two new blocks. Harbour Energy will invest an initial $6 million, with the potential total investment reaching $18 million if new gas discoveries occur.
The company will drill two exploration wells and conduct maintenance on an existing producing well. Recent drilling in the Desouq area revealed estimated reserves of 35 billion cubic feet of gas. Additionally, the Egyptian General Petroleum Corporation and Eni are renewing the Port Fouad offshore development area, aiming to enhance investments and exploration opportunities. These agreements are part of Egypt's strategy to increase natural gas production and attract international investment.
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