The Egyptian Cabinet has approved petroleum commitment agreements for five projects, signed between the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and several international companies, as per a statement.
The agreements include a minimum investment of nearly $221.23 million, non-refundable grants of $31.5 million, in addition to drilling at least 24 wells.
The deals were inked for exploration and exploitation of oil in the Northwest El-Maghara area in the Western Desert, East Al Hamd in the Gulf of Suez, and East Gemsa in the Gulf of Suez.
They also cover the natural gas and crude oil exploration in the offshore North Damietta Marine area in the Mediterranean Sea.
