The Cabinet approved five draft petroleum commitment agreements between the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), the South Valley Egyptian Petroleum Holding Company (Ganope), and a number of international companies.
This comes within the framework of the keenness of these international companies to pump new investments and increase production rates in an effort to achieve maximum benefit from their exploration and production areas and make new discoveries.
The minimum investment in the agreement projects is estimated at about $225.3 million, and include the the drilling of a minimum of 40 wells, in the field of exploration and production of gas and crude oil in the offshore Merneith block in the Mediterranean Sea. The projects further include oil exploration and exploitation is in Southeast Meleiha and the Kanais Company, the West Razzak development area in the Western Desert, Wadi Sahil and South Wadi Sahil in the Eastern Desert, and the North Sinai offshore zone in the Mediterranean.
This came during the 30th Cabinet meeting chaired by Prime Minister Mostafa Madbouly.
