Egyptian cabinet thumbs up to 5 petroleum projects worth $200M
Updated 7/9/2024 2:11:00 PM
Arab Finance: The Egyptian cabinet has given initial approval for five petroleum commitment projects involving the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and several international and national companies, with expected investments of about $200 million, as per a statement on July 9th.
The draft agreements include a commitment deal between EGAS and IEOC Production B.V. to search for and exploit gas and crude oil in the North Port Fouad marine area in the Mediterranean Sea.
Another agreement between EGAS, and VIEOC Production B.V. involves the search for and exploitation of gas and crude oil in the South Nour Buhariya area in the Mediterranean Sea.
A third agreement between EGAS and ZN BV covers the search for and exploitation of gas and crude oil in the North Al-Khatahtba land area in the Nile Delta.
Additionally, the draft agreements include an amendment to a commitment agreement between EGPC and Tharwa Petroleum Company for oil exploration, development, and exploitation in the Horus Development Area in the Western Desert.
Another agreement pertains to petroleum exploration, development, and exploitation in the South Dabaa Development Zone (SD-3) in the Western Desert, with EGPC and HPS International Egypt Limited.
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