Egypt approves 3 draft petroleum commitment agreements

Updated 7/30/2023 12:11:00 PM
Egypt approves 3 draft petroleum commitment agreements

Arab Finance: The Egyptian cabinet approved three draft petroleum commitment agreements for the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a number of international firms, with a total minimum drilling of 13 wells and investments of about $319.5 million, according to a statement on July 27th.

The agreement included two draft commitments to search for and exploit natural gas and crude oil in the Cairo offshore areas.

This in addition to a draft commitment agreement for the exploration, development, and exploitation of oil, in the Jessum and Tawila area west of the Gulf of Suez.

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