The Egyptian Cabinet announced the approval of five oil draft agreements, aiming to enhance production rates, optimize the exploitation of resources, and pump investments into research and development areas.
The draft agreements authorize the Egyptian General Petroleum Corporation (EGPC) and several international companies to conduct exploration and production (E&P) activities in the Gulf of Suez and the Nile Delta. This also includes integrated development and research areas in the Western Desert, in addition to the development areas in West Bakr, West Ghareb, Northwest Gharib in the Eastern Desert, and others.
Furthermore, the Cabinet approved the President’s draft decision regarding the reallocation of two state-owned plots in the Abu Madi area in Dakahlia Governorate to the EGPC . The allocated land will be used to build storage facilities for the petroleum equipment required to expand a natural gas processing plant.
This came during a Cabinet meeting headed by the Prime Minister, Mostafa Madbouly via video conference.