Egypt Unlocks USD 200 M in Gas and Oil Exploration Deals

The Egyptian Cabinet approved on Tuesday 9 July five new commitment agreements for gas and oil exploration projects, involving a range of international and national companies.  These deals are expected to bring around USD 200 million (EGP 9 billion) in investments, to strengthen the country’s energy sector. A deal was agreed between the Egyptian Natural Gas Holding Company (EGAS) and IEOC Production BV to search for and exploit gas and crude oil in the North Port Fouad offshore area in the Mediterranean.  Another agreement took place between EGAS and IEOC Production BV to search for and exploit gas and crude oil in the South Nour offshore area in the Mediterranean Sea. The Cabinet also validated a commitment agreement between EGAS and ZN BV LTD to explore and exploit gas and crude oil in the North Al Khatatbah onshore area in the Nile Delta.  Additionally, an amendment was authorized to the existing commitment agreement between the Egyptian General Petroleum Corporation (EGPC), Tharwa Petroleum Company, and the General Petroleum Company (GPC) to search for, develop, and exploit oil in the Horus Development Area in the Western Desert. Furthermore, the Cabinet approved a…

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