Egypt approves 5 oil concession agreements
The Egyptian Cabinet on Tuesday gave preliminary approval to five petroleum concession agreements involving the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and several international and national companies.
The anticipated investments for these projects are approximately $200 million, including projects for gas and crude oil exploration and utilisation in various regions.
One of the projects involves the North Port Fouad offshore area in the Mediterranean Sea, with co-operation between Egypt, EGAS, and IEOC Production B.V.
Another project focuses on the South Nour offshore area in the Mediterranean Sea, involving EGAS and VIEOC Production B.V.
Additionally, a project for exploration and utilisation in the North El-Khatatba onshore area in the Nile Delta will be carried out in partnership between the Egyptian state, EGAS, and ZN BV Ltd.
These agreements highlight Egypt’s ongoing efforts to enhance its energy sector through substantial international and local collaboration.
Attribution: the Egyptian Cabinet.
