Cabinet ratifies 4 oil, gas agreements worth $230 mln

The Egyptian cabinet approved during its Thursday meeting four new oil and gas exploration agreements worth $230 million according to the Minister of Petroleum Tarek el-Molla announced.

Two of the four agreements are related to the Egyptian General Petroleum Corporation (EGPC) for exploration in the Red Sea and Western Desert areas, while the other two are related to South Valley Petroleum Holding Company (Ganope).

“The agreements include drilling 17 new wells,” Molla added in a cabinet press conference.

The Ministry of Petroleum launched a sector development program that aims to develop oil and gas exploration, discovery and production, attract foreign investments, restructure the sector’s companies, develop petrochemicals and refineries industries, and improve skills of human resources.