CAIRO: Italian Edison Company has won a new deal launched by the Egyptian Natural Gas Holding Company (EGAS) to explore for gas in a submarine area east of Alexandria. A senior official at EGAS said the Italian company would explore for natural gas in Area 8 in the deep waters of the Mediterranean, noting that the area amounted to 4,294 kilometers. The official said the final details on the number of wells and the financial commitments of the company were under negotiations. Two international companies, Shell and Apache, are operating in areas east of Alexandria to explore for natural gas in the deep waters. EGAS had in July last year received proposals for gas exploration in twelve areas, and winners of bids were duly announced. Edison is currently exploring for oil in the Egyptian Western Desert in cooperation with the General Authority of Petroleum. The Italian company had in April 2003 sold off its 50 per cent stake in a concession west of the Nile Delta with British Gas. The stake was sold to Petronas of Malaysia for 1.6 billion euros.
