Egypt’s exploration and production (E&P) agreements are linked to its local-content policies (LCPs), Mostafa Ibrahim El Shazly, an attorney for the Petroleum Agreements Department at the Egyptian General Petroleum Corporation (EGPC), stated during a speech during the African Oil Week Conference.
The formation of LCPs is tied to the contractual system for E&P, El Shazly noted. These LCPs, he added, are comprehensively regulated under production-sharing agreements.
Egypt’s new approach to investment and development—as demonstrated by the recently approved investment and natural gas laws—is positively impacting investment patterns, particularly in the upstream sector, and is producing local economic growth, he said.
The Africa Oil Week Conference brought together government officials, national oil company representatives, licensing agencies, and corporate decision-makers from across Africa to discuss the development of oil, gas, and energy sources across the continent.
El Shazly’s speech was part of the Africa Local Content Forum hosted by the conference.