The Egyptian Cabinet approved four draft petroleum agreements that cover drilling of at least six wells, and have a minimum investment value of $52.97 million, Prime Minister Moustafa Madbouly announced during the cabinet’s 94th weekly meeting.
The first agreement, between the Egyptian Natural Gas Holding Company (EGAS) and Cheiron, Egypt’s largest independent Exploration and Production company, is for natural gas and crude oil exploration in the East Alexandria Marine Block.
The cabinet also endorsed a North Tanta Onshore Block agreement for natural gas and crude oil exploration between EGAS and IPR South Disouq Limited, a subsidiary of the Texas-based IPR Energy Group and an active upstream oil and gas player in the Nile Delta.
Furthermore, EGAS and Perenco North Sinai Petroleum’s agreement to explore and exploit hydrocarbons at Al-Fayrouz Onshore Block was given the cabinet’s green light.
The fourth approved deal grants the state-owned General Petroleum Company (GPC) the right to explore, develop, and exploit petroleum in the Asran Field Development Block located in North Amer in the Eastern Desert
The deals aim at accelerating exploration across strategic offshore and onshore blocks to bolster the country’s domestic production capacity, according to a statement by the Cabinet.