The Cabinet approved three draft oil and gas commitment agreements for the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a number of international companies, with a total minimum drilling of 13 wells, and investments of about $319.5 million.

The approved drafts included two commitment agreements to explore and exploit natural gas and crude oil in the Masry and Cairo, offshore areas in the Mediterranean, between the Arab Republic of Egypt, EGAS, and ExxonMobil Egypt (Upstream) Limited.

The third draft commitment agreement is for the exploration, development and exploitation of oil, in the Geisum and Tawila West of the Gulf of Suez, between the Arab Republic of Egypt, EGPC, and the two companies, PICO Petroleum, and KUFPEC (Egypt) Limited.