Egypt’s Cabinet approves $208m Western Desert oil, gas deal

Egypt’s Cabinet on Wednesday approved a petroleum exploration and development agreement in the Western Desert aimed at boosting domestic oil and gas production, with investments of at least $208 million.

The deal, signed by the Egyptian General Petroleum Corporation (EGPC), Indian Cairn Oil and Gas Limited, and Capricorn Egypt Limited, targets the Integrated Badr El-Din area.

The agreement includes drilling 44 wells and is expected to produce around 105,000 barrels of oil and 1.2 billion cubic feet of gas per month, potentially saving Egypt about $25 million in import costs within 6 to 12 months. It also features training programmes to enhance local expertise.

The initiative aligns with Egypt’s strategy to increase energy production, expand reserves, and strengthen energy security.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser