The Cabinet, headed by Prime Minister Mostafa Madbouly, approved, on December 11th, two draft oil and gas commitment agreements with the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a number of international companies.
The first agreement is to search for and exploit natural gas and crude oil in the East Port Said marine area in the Mediterranean Sea.
Meanwhile, the second agreement is to search for and exploit oil in East of El Obeid area in the Western Desert, with a minimum investment for the two agreement projects estimated at approximately $133.8 million, in addition to drilling a minimum of four wells, and several training grants.
