Egypt signed Thursday a deal with Norwegian seismic surveyor PGS company to implement the largest seismic exploration project in its western territorial waters in the Mediterranean Sea, state-owned Egyptian Natural Gas Holding Company (EGAS) announced.
The project would lure leading international exploration companies to Egypt thanks to the availability of the necessary seismic data, EGAS said in a Thursday statement.
The project is part of government’s plan to bolster the domestic production of natural gas by intensifying explorations, EGAS Chairman Khaled Abdel Badie, said in the statement.
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.
Egypt’s government is working to tackle the worst energy crisis that the country has faced over the past years; rolling power cuts in the summer have become routine since the January 25 Revolution in 2011, caused by fuel shortfalls at power plants, and increasing demand.
