The Cabinet passed 12 exploration and production (E&P) bills related to the oil and gas sector, according to a statement.
These bills include eight projects for the Egyptian Natural Gas Holding Company (EGAS) in (Narges- North Al Dabaa – North Sidi Barani – North Al-Salloum- North Al-Amiriya – North of Ras Kanais – North Marina- North of Cleopatra) in the Mediterranean.
Additionally, Ganoub El Wadi Petroleum Holding Company (Ganope) has three projects in the blocks 1, 3, and 4 in the Red Sea. Another project is accounted for the Egyptian General Petroleum Corporation (EGPC) in East Abu Sennan in the Western Desert. The statement noted that these agreements will see the involvement of a number of American, British, French, Emirati, and Kuwaiti companies.
The Cabinet also approved the agreement between Misr Petroleum and EgyptAir regarding the debt owed by EgyptAir to Misr Petroleum . On that note, 50% of the back interests from the monthly withdrawals will be forgiven as stipulated in the contract between Misr Petroleum and EgyptAir. Meanwhile, payment will be made in installments over eight years and EgyptAir will have a one-year period before it begins payment and settlement of the debt.
This came as Prime Minister Mostafa Madbouly chaired a meeting on June 10 via video conference with cabinet ministers.