Arab Finance: The House of Representatives gave the final nod to three draft laws authorizing Minister of Petroleum and Mineral Resources Tarek El-Molla to sign oil exploration and development contracts with a number of firms, as per a statement.

As per the first draft law, El-Molla is authorized to contract with the Egyptian General Petroleum Corporation (EGPC), Apex International Energy Holdings II, and Ina-Industrija Nafte to explore, develop, and exploit oil in the Ras Qattara development area in the Western Desert.

The second draft law authorizes the minister to contract with the EGPC and the General Petroleum Company (GPC) to amend the commitment agreement, issued by Law No. 151 of 2005, to search for and make use of oil in the northwestern October region of the Gulf of Suez.

Additionally, the third draft law authorizes El-Molla to contract with the EGPC, BG Delta Limited, and PICL (Egypt) Corporation Ltd for oil exploration and use in the deep offshore region of the West Delta in the Mediterranean.

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