Cabinet Approves Amendments in Two Oil Agreements

Cabinet Approves Amendments in Two Oil Agreements

The Egyptian Cabinet approved two projects to amend two valid petroleum commitment agreements between the Egyptian General Petroleum Corporation (EGPC) and a number of international and national companies.

The agreements aim to search for and exploit oil, in the deep offshore areas of the Western Delta in the Mediterranean Sea, and northwest of October in the Gulf of Suez, with a minimum of eight wells, non-refundable grants worth $1 million, and investments estimated at approximately $232 million.

With regard to the West Delta maritime region, the amendment aims to pump additional investments to carry out development operations to increase production rates and reserves that can be extracted. The amendment regarding the northwest of October region aims at extending the period of development contracts for 10 years and adding new sectors.

The approval was granted during Cabinet meeting number 276, chaired by Prime Minister Mostafa Madbouly.

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Sarah Samir 3496 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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