Parliament authorizes Petroleum Minister to sign 3 oil exploration deals

Updated 10/31/2023 8:06:00 AM
Parliament authorizes Petroleum Minister to sign 3 oil exploration deals

Arab Finance: The House of Representatives has authorized the Minister of Petroleum and Mineral Resources to sign three oil and natural gas exploration and development contracts, a statement showed.

Two contracts will be inked with the Egyptian Natural Gas Holding Company (EGAS) and ExxonMobil Egypt to explore natural gas and crude oil at the Cairo and Masry offshore blocks in the Mediterranean.

The third contract will be signed with the Egyptian General Petroleum Corporation (EGPC), Pico GOS Petroleum, and KUFPEC Egypt Limited to explore and exploit oil at the concessions of Geisum and Tawila West in the Gulf of Suez.

Moreover, the parliament has approved a €670,000 loan from the Spanish Agency for International Development Cooperation to boost the country’s water resources.

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