President Abdel Fattah Al-Sisi ratified Law No. 159 of 2019 authorizing the Minister of Petroleum and Mineral Resources to contract with the Egyptian General Petroleum Corporation (EGPC) and Neptune Energy.
The law indicates that Neptune would explore the Northwestern Al-Amal marine area in the Gulf of Suez for three years beginning since the day of signing, noting that an extension is allowed. Neptune is expected to perform a 3D seismic survey of 100 kilometers square (km²) and drill one well during the first period. Additionally, EGPC will be paid a sum of $11 million as a signature bonus before working on the concession.
Earlier in June, the ministry announced a new petroleum discovery in the shallow waters of Geisum Concession at the south of the Gulf of Suez with production reaching 2,000 barrel per day (bbl/d).