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Category: Egypt

Official: Egypt Sets Price for Shale Gas at $5.45 per MMBTU

March 13, 2015 Posted by Chris Wysong

Egypt recently signed its first contract to participate in fracking and plans to drill three horizontal wells as deep as 14,000 feet in Western Sahara fields. Official: Egypt Sets Price for Shale Gas at $5.45 per MMBTU By: Ehab Farouk and Shadi Bushra CAIRO, March 9 (Reuters) Egypt has set the price of shale gas expected to be extracted from a recent concession to foreign firms at $5.45 per million British thermal units (mmBtu), an official at the oil ministry said on Monday. Egypt signed its first contract to extract gas by hydraulic fracturing, or fracking, in a deal with Apache and Shell Egypt in December that includes investments of $30-$40 million, the oil ministry said at the time. The shale gas agreement signed with Shell Egypt and Apache Corporation provides for a price of $5.45 per mmBtu of gas extracted, the official, who declined to be identified, told Reuters. To read the rest of this article, visit Rigzone.

Posted in Egypt, Fracking, ShaleGas
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