Cabinet approves oil, natural gas exploration agreements in key concessions
Updated 12/11/2024 2:17:00 PM
Arab Finance: The Cabinet has approved two draft petroleum commitment agreements involving the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and several international companies, as per a statement.
These agreements focus on natural gas and crude oil exploration and production in two strategic areas.
The first agreement targets the East Port Said offshore area in the Mediterranean Sea, while the second pertains to the East Obayed concession in the Western Desert.
The minimum investment for these agreements is approximately $133.8 million, which includes drilling at least four wells and providing training grants.
In addition, the cabinet approved a draft presidential decree related to a financing agreement for the "Green Facility between the European Union (EU) and Egypt” program.
This program is funded by an EU grant, aiming to support green transformation efforts in Egypt, particularly in the energy and water sectors.
The initiative seeks to address climate and environmental challenges, diversify energy sources, and advance strategies for a low-emission economy.
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