Norway’s PGS to Conduct Seismic Exploration Offshore Egypt

Egypt on Thursday signed a deal with Norway’s PGS for seismic exploration project in its western territorial waters in the Mediterranean Sea, state-owned Egyptian Natural Gas Holding Company (EGAS) announced, reported Cairo Post newspaper.

According to EGAS, the project would help in attracting global energy companies to Egypt thanks to the availability of the necessary seismic data.

The project is part of government’s plan to bolster the domestic production of natural gas by intensifying explorations, Cairo Post quoted EGAS Chairman Khaled Abdel Badie as saying.

Abdel Badie further noted that nearly 80 percent of Egypt’s natural gas reserves are located in the eastern and central parts of Egypt’s territorial waters in the Mediterranean.

“The said areas have been the focal point of exploration deals during the past few years, and have been mostly covered through international bids,” he added.