Five Oil and Gas Drilling & Exploration Agreements Approved by Government of Egypt

Egypt: Due to declining production and dependency of Egypt on import of oil & gas, the government of Egypt has made five explorations and drilling agreements with international oil companies in order to boost the domestic production. Out of the five agreements, four are offshore Mediterranean gas exploration and drilling agreements between Egypt's state gas board EGAS and BP, Eni, Total, and Edison and the fifth deal is between state petroleum board EGPC and local company Trident Petroleum. These agreements are expected to stimulate the drilling and production activities in Egypt.

TechSci Research depicts that with growth in oil and gas exploration activities, the market for natural gas compressors is poised to expand in near future. Gas transmission applications are typically powered by a reciprocating engine fueled by natural gas.

According to TechSci Research report, “Global Natural Gas Compressors Market By Technology, By Application, By Region, Competition Forecast and Opportunities, 2011 - 2021”, the global natural gas compressors market is anticipated to cross USD5.5 billion by 2021. On the basis of technology, natural gas compressors are segmented into two categories - positive displacement compressors and dynamic compressors. Among these categories, positive displacement compressors form the most preferred natural gas compressors category, predominantly due to their low cost and increasing use in gas gathering and processing. However, in the recent years, majority of the upstream and midstream companies are inclining towards dynamic compressors due their higher efficiency and low maintenance compared to positive displacement compressors.