Egypt government approves 13 oil, gas exploration deals

The Egyptian Council of Ministers has approved 13 draft oil agreements for the Egyptian General Petroleum Corporation, the Egyptian Natural Gas Holding Company, and several international companies, in preparation for completing legislative procedures to issue proposed laws related to them, and then start oil and gas exploration.

A statement issued by the Council of Ministers stated that “the areas affiliated with the Egyptian General Petroleum Corporation were within the Western Desert to search for and exploit oil in the areas west of Wadi al-Natrun, east of Siwa, and in the Gulf of Suez.

The statement added that the areas of the Egyptian Natural Gas Holding Company are located in the Mediterranean in each of the northern Al-Fayrouz marine areas, northern Rafah marine areas, and Al-Arish.

On the other hand, Dr.Mustafa Madbouly, the Egyptian Prime Minister, said in a press conference, after the cabinet meeting, yesterday, that the council agreed a few weeks ago to issue 9 licenses for various projects, in light of the directives of President Abdel Fattah El-Sisi, to encourage and strengthen the role of the private sector and increase its contribution to economic growth.