Egypt’s Cabinet announced on Tuesday the approval of five agreements aimed at advancing gas and crude oil exploration projects involving both international and national companies, with anticipated investments totaling approximately $200 million.
According to a statement released by the Cabinet, the approved projects encompass petroleum commitment agreements for the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and various international and national entities.
Among the agreements endorsed is a preliminary commitment agreement between EGAS and IEOC Production BV for the exploration and exploitation of gas and crude oil in the North Port Fouad offshore area of the Mediterranean Sea.
Additionally, agreements include a preliminary commitment agreement, also with IEOC Production BV, for similar activities in the South Nour offshore area within the Mediterranean.
Further approvals cover a preliminary commitment agreement for gas and crude oil exploration and exploitation in the North Al Khatatbah onshore area of the Nile Delta, involving EGAS and ZN BV LTD.
The slate of agreements also encompasses a draft amendment to an existing commitment agreement for oil exploration and exploitation in the Horus Development Area of the Western Desert. This amendment involves EGPC, Tharwa Petroleum Company, and the General Petroleum Company (GPC).
Finally, the Cabinet approved another preliminary commitment agreement between EGPC and HPS International Egypt Limited for oil exploration and exploitation in the South Dabaa Development Zone (SD-3) of the Western Desert.
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