Egypt Raises Gas Price Paid to RWE to $3.50 per Mmbtu

Eng. Sherif Ismail, Minister of Petroleum and Mineral Resources signed on modifying the gas price in the agreement of onshore Nile Delta Disouq concession area, with investments of $ 240 million so as to increase natural gas production rates in the first phase from 145 million cubic feet per day to reach 210 million cubic feet per day by the summer of 2015 and rising production rates in the second phase to reach 300 million cubic feet per day by the summer of 2016.

Under the agreement, the purchase price of the new extracted gas was raised from $2.50 per million British thermal units to $ 3.50 per million British thermal units.

It’ s worth mentioning that, by signing this agreement, the number of petroleum agreements signed up since November 2013 till now are 56 agreements with investments exceeding $ 12 billion.

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