The Egyptian Cabinet has approved a decree allowing Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla to contract with the Egyptian General Petroleum Corporation (EGPC), the Italian Egyptian Oil Company (IEOC), and BP to explore and develop oil fields in the Nile Delta, Egypt Oil & Gas reports.
The agreement comes in light of the government’s keenness to maximize the utilization of the Egyptian human resources and natural resources in cooperation with various companies, both public and private.
The approval was granted during cabinet meeting number 117, chaired by Prime Minister Sherif Ismail, on April 18th.
Earlier in April, the cabinet approved establishing an offshore floating platform at Gameel, West Port Said, to receive propane gas and liquefied propylene, Egypt Oil & Gas previously reported.
The cabinet further granted the Egyptian Propylene and Polypropylene Company the right to manage, operate and maintain the platform for 15 years.