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Egypt discovers five new gas fields

REUTERS/Amr Abdallah Dalsh
The new fields have a total reserve of about 317 billion cubic feet of gas.

State-owned Egyptian Natural Gas Holding Company (EGAS) has discovered five new gas fields in the Mediterranean sea and the Nile Delta, Egypt Today newspaper reported.

The fields have a total reserve of about 317 billion cubic feet of gas, in addition to existing reserves of 471 billion cubic feet after drilling the Bashrush 3 well in the Mediterranean.

EGAS executive director Magdy Galal said gas exports increased 44 percent annually, along with 84 shipments of liquefied natural gas (LNG) from the gas liquefaction plants in Idku and Damietta.

The newspaper said two new international bids were launched to search for gas and oil.

Three areas were assigned to Italy’s Eni and UK’s BP with a total investment of $278 million.

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