Egypt approves 3 draft petroleum commitment deals

The Egyptian cabinet approved three draft petroleum commitment agreements with a total minimum drilling of 13 wells, with total investment of around $319.5 million, according to a statement on Thursday.

The three drafts were approved for the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a number of international firms.

The agreement includes two draft commitments for searching for and exploiting natural gas and crude oil in the Cairo offshore areas.

The third being a draft commitment agreement for the exploration, development, and exploitation of oil, in the areas of Jessum and Tawila west of the Gulf of Suez.