Egypt Signs New Onshore Exploration Deals

Egypt Signs New Onshore Exploration Deals

In an effort to enhance Egypt’s energy productions, the country has signed deals between Ganoub El-Wadi Petroleum Holding Company (GANOPE), US company IPR, and Cypriot firm Mediterra  for the onshore drilling of three exploration wells in sector 7 and 8 in the country’s southern Al-Baraka field in Aswan, Reuters reported. Egypt Independent informed that the two agreements include investments worth about $4.3m and a signing bonus of $200,000.

According to Forbes.com, the deal aims to revive Egypt’s production in an attempt to satiate energy needs via domestic production, on the long run. Yet, the government’s near-term strategy involves new supply agreements to meet current demand levels.

The source added that Assistant Vice Chairperson at the Egyptian Natural Gas Holding Company (EGAS), Amira El-Mazni, announced that five companies had recently applied for licenses to import natural gas to Egypt.

The Egyptian government is also in negotiations with several foreign companies regarding LNG imports.

Sarah Samir 2538 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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