During its plenary session on June 2nd, held under the chairmanship of Counselor Ahmed Saad, First Deputy Speaker of the Egyptian. House of Representatives, the House of Representatives approved a number of draft laws authorizing the Minister of Petroleum and Mineral Resources to search for oil in a number of places, Youm 7 reported.
Representative Khalid Abdul Mawla, Secretary of the Energy Committee in the House of Representatives, reviewed draft laws pertaining to licensing the Minister to search for oil in a number of places before the House.
The approved draft laws include a draft law authorizing the Minister of Petroleum and Mineral Resources to contract with the Egyptian General Petroleum Corporation (EGPC), Apache Khaleda Corporation, and Tharwa Petroleum Company to amend the commitment agreement issued by Law No. 148 of 2004 amended by Law No. 144 of 2009, and by Law No. 122 of 2014 to search for and exploit oil in Siwa region in Western Desert.
The amendment brings a good return to Egypt, including the confirmation that all samples and technical data are transferred to the Egypt Upstream Gateway (EUG), once they are completed or requested or upon the expiration of this agreement.
Another approved draft law authorizes the Minister of Petroleum and Mineral Resources to contract with EGPC and IPR Transoil Corporation to amend the concession agreement issued by Law No. 155 of 1963 amended by Law No. 172 of 2005 to search for and exploit oil in the Adma/Alamein area in the Western Desert.
The draft law achieves a good return including obtaining many non-refundable grants, the balance of the contract between the parties, and the contractor, during any research or development period, financing training programs for EGPC employees in the amount of $100,000 to raise their competencies and capabilities.
The House of Representatives further approved a draft law authorizing the Minister of Petroleum and Mineral Resources to contract with EGPC and HPS International Egypt to amend the commitment agreement issued by Law No. 213 of 2014 to search for and exploit oil in the southwestern El Alamein region in the Western Desert.
The draft law aims to achieve a good return for Egypt, including the consistency of the goal of amending the agreement with the features and objectives of national action, which adopts strategies that maximize Egypt’s economic capabilities and resources. It also aims to attract more local and foreign investments, and achieve optimal economic benefit from all natural capabilities and resources to contribute to Sustainable development of Egypt.
Another approved draft law authorizes the Minister of Petroleum and Mineral Resources to contract with EGPC and North Petroleum International Company (NPIC) to amend the commitment agreement issued by Law No. 9 of 2007 to search for and exploit oil in the East Ghazalat region in Western Desert.
The draft law aims to achieve returns, including the transfer of all samples and technical data to the Egypt Exploration and Production Gateway (EUG), once they are completed or requested or upon the expiration of this agreement.
