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Tuesday, March 10, 2015
Egypt is already planning on shale gas exploration paying off and has set a price for shale gas extracted from a concession awarded to foreign firms. According to an official at the Ministry of Petroleum in a Reuters report, Egypt has set the price at $5.45 per million British thermal units (mmBtu).
In December the Ministry signed its first contract to extract shale gas by using fracking technology, in a deal with Apache and Shell Egypt. The two firms are expected to spend an initial amount of $30-$40 million in the quest for shale gas.
“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.
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