Egypt approves $221m petroleum agreements with intl. firms

Egypt’s cabinet has approved 5 new petroleum concession agreements between the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), and several international companies, with minimum investments totalling approximately $221.23 million.

The agreements cover oil and gas exploration and exploitation across multiple key regions, including North West El Maghara in the Western Desert, East Hamd and East Gamsa Offshore in the Gulf of Suez, an integrated exploration and development zone in the Western Desert, and the North Damietta Offshore area in the Mediterranean Sea.

In addition to the pledged investments, the agreements include non-refundable signing bonuses amounting to $31.5 million and the drilling of no fewer than 24 wells.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama