Egypt’s Cabinet approves $53 mln oil, gas exploration deals to boost output

Egypt’s Cabinet on Thursday approved four petroleum concession agreements worth a combined minimum investment of about $52.97 million to boost oil and gas exploration and production.

The approvals were issued during a Cabinet meeting chaired by Prime Minister Moustafa Madbouly and cover offshore and onshore exploration areas across the Mediterranean Sea, Nile Delta, Sinai Peninsula, and Eastern Desert.

The agreements require the drilling of at least six exploration wells.

The largest projects include the East Alexandria offshore block in the Mediterranean and the North Tanta onshore area in the Nile Delta.

Under the deals, the Egyptian Natural Gas Holding Company (EGAS) will partner with Cairn Egypt Delta Limited in East Alexandria and with APR South Disouq Limited in North Tanta.

The Cabinet also approved a concession between EGAS and Brenco North Sinai Petroleum Inc. for exploration in the Al-Fayrouz onshore area in North Sinai.

In addition, the General Petroleum Company (GPC) will develop the Asran field in North Amer in Egypt’s Eastern Desert.

The agreements are part of Egypt’s efforts to attract investment into the energy sector, expand exploration activity and increase domestic oil and gas production.

Attribution: Amwal Al Ghad English