Perenco, the French independent Oil & Gas Company signed an agreement with the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) to fund the 2nd phase of the development plan in its acquisition area in the Mediterranean Sea with investments of nearly $200 million.

This development plan is due to finish by the end of 2012.
An official source at the EGPC told Egypt Oil and Gas Newspaper in exclusive statements that the agreement aims at boosting the natural gas production rate, that currently reached 180 million cubic feet of gas through the North Sinai Petroleum Company (NOSPCO); the joint venture between Perenco and EGAS.

NOSPCO plans to initiate the 2nd phase of the development plan before the end of the current year.