Egypt, PGS sign offshore seismic deal

CAIRO, June 26, 2015 – EGAS has signed a deal with Norway’s Petroleum Geo-Services (PGS) for a large-scale seismic exploration programme in Egypt’s offshore waters.

The Egyptian state gas company said on Thursday that the seismic survey, to take place in the country’s western Mediterranean territorial waters,

The move is part of the Egyptian government’s efforts to tackle an energy deficit in which a lack of feedstock for power plants has led to rolling blackouts since 2011.

Khaled Abdel Badie, chairman of EGAS, said the government is investing in exploration to boost gas production, noting that 80 percent of the country’s gas reserves are located in the offshore regions adjacent to the planned survey area.

EGAS believes the project to supply data will attract international upstream companies to the area.

Geophysical services company PGS’ global operations include nearby East Mediterranean sites offshore Lebanon and Cyprus.

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