Cabinet approves $225.3M petroleum agreements with international companies
Updated 2/6/2025 1:30:00 AM
Arab Finance: The Egyptian Cabinet approved five draft petroleum commitment agreements involving the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), the South Valley Egyptian Petroleum Holding Company (Ganope), and several international firms, as per a statement.
The agreements aim to boost investments, increase production, and maximize returns from exploration and production activities.
The agreements include a minimum investment of $225.3 million and the drilling of at least 40 wells for gas and crude oil exploration and exploitation.
The targeted areas cover the Merneith offshore block in the Mediterranean Sea, the integrated research and development areas southeast of Maliha and the West Razak development area in the Western Desert.
Additional sites include the Wadi El-Sahl and South Wadi El-Sahl concessions in the Eastern Desert, as well as the North Sinai offshore area in the Mediterranean.
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