Egypt signs 4 MoUs to boost oil, gas production
Egypt’s Ministry of Petroleum signed four crucial memoranda of understanding (MoUs) on Wednesday to boost oil and gas exploration and production.
The deals involve the state-run Egyptian General Petroleum Corporation (EGPC) partnering with leading firms; a consortium of Hassan Allam Holding and Infinity Capital Investment, Ezz Steel, El Sewedy Industrial Group (EIG), and Advanced Petroleum Services Group.
These MoUs are designed to stimulate increased production from mature oil and gas fields in the Eastern and Western Deserts, as well as the Gulf of Sue, Petroleum Minister Karim Badawy said. This will contribute to higher overall production rates and ensure that domestic energy needs are met.
Minister of Petroleum, Karim Badawi, noted that the agreements align with Egypt’s Vision 2030 strategy, focusing on attracting investment and using modern technologies to boost production and meet domestic energy demands.
The Minister of Petroleum and Mineral Resources highlighted the potential for participating companies to invest in exploration opportunities, particularly in developing mature fields in the Gulf of Suez and Eastern Desert. He emphasised the importance of private sector collaboration in enhancing domestic oil and gas production, noting that advanced technology can significantly boost production from these fields.”
Attribution: The Egyptian Cabinet
Subediting: Y.Yasser
