Egypt Plans to Hike Gas Price to Boost Exploration

Egypt is mulling increasing gas price in order to incentivise foreign partners to boost exploration, reports Egypt Independent.

Petroleum Minister Sherif Ismail said that gas supplies can be boosted by expanding exploration at the middle and deep layers under the Mediterranean, the newspaper adds.

The minister further said that inking more exploration agreement was a priority and added that new tenders on excavating the Suez Gulf, Western Desert and Mediterranean areas will be offered before end of the year.

Meanwhile, Egypt Independent also reports that Mahfouz al-Bouny, vice-chief of the Egyptian Natural Gas Holding Company (EGAS), revealed discovering 536 trillion cubic feet of unconventional gas stock at eastern and western deserts, 100 trillion cubic feet of which are extractable and is being worked on by companies at areas of abu al-Gharadiq and Badr Eddin in the Western Desert and other areas in the Eastern Desert.

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