In its general meeting held on October 30, the Egyptian Parliament, headed by Hanafy El Gebaly, has approved a number of exploration and production E&P draft laws.
The approved laws are to enable Minister of Petroleum and Mineral Resources Tarek El Molla to contract with a number of exploration and production (E&P) companies to search for and develop oil and gas resources in some regions in the Mediterranean Sea and the Gulf of Suez.
The approved laws include one submitted by the government to allow El Molla to contract with the Egyptian Gas Holding Company (EGAS) and ExxonMobil Egypt Upstream Limited to explore for crude oil and use it in the Cairo Offshore block in the Mediterranean.
Moreover, the Parliament approved a law allowing El Molla to contract with EGAS and ExxonMobil Egypt Upstream Limited to explore for crude oil and use it in the Masry offshore block in the Mediterranean.
Additionally, El Molla will contract with the Egyptian General Petroleum Corporation (EGPC); PICO GOS Petroleum Company; and KUFPEC Egypt to explore for petroleum; use it and develop it, at the Geisum and Tawila West at the Gulf of Suez.