Cabinet Approves 5 Oil, Gas Draft Agreements

Cabinet Approves 5 Oil, Gas Draft Agreements

During its first meeting, the Egyptian Cabinet approved, in principle, five projects for petroleum commitment agreements for the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a number of international and national companies, with expected investments of about $200 million.

The agreements included a draft commitment agreement to search for and exploit gas and crude oil in the North Port Fouad offshore area in the Mediterranean, between the Arab Republic of Egypt, EGAS, and IEOC Production B.V.

The agreements further included a draft commitment agreement to search for and exploit gas and crude oil in the South Nour offshore area in the Mediterranean Sea, between the Arab Republic of Egypt, the EGAS, and IEOC Production B.V.

The Cabinet approved another draft commitment agreement for the exploration and exploitation of gas and crude oil in the North Al Khatatbah onshore area in the Nile Delta, between the Arab Republic of Egypt, EGAS, and “ZN BV” LTD.

The draft agreements also included a draft amendment to the commitment agreement to search for, develop, and exploit oil in the Horus Development Area in the Western Desert issued by Law No. 105 of 2014 between the Arab Republic of Egypt, EGPC, Tharwa Petroleum Company, and the General Petroleum Company (GPC).

Another draft commitment agreement was approved to search for, develop, and exploit oil in the South Dabaa Development Zone (SD-3) in the Western Desert between the Arab Republic of Egypt, EGPC, and HPS International Egypt Limited.

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Sarah Samir 3524 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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