The Cabinet approved four oil and gas exploration and production (E&P) agreements worth $230 million, the Minister of Petroleum and Mineral Resources, Tarek El Molla, announced, according to Amwal Al Ghad.
Two of the E&P agreements are for exploration in the Red Sea and Western Desert and are with the Egyptian General Petroleum Corporation (EGPC). The other two deals are with the Ganoub El Wadi Petroleum Holding Company (Ganope).
“The agreements include drilling 17 new wells,” El Molla said during the press conference.
Earlier in December, EGPC signed three E&P agreements worth $50 million, Al Borsa reported.