Egypt Approves $200 Million in Energy Projects

Egypt approved five agreements for gas and crude oil exploration projects for a number of international and national companies, with expected investments of about $200 million, the Egyptian Cabinet said in a statement on Tuesday.

“The Cabinet approved five projects for petroleum commitment agreements for the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a number of international and national companies, with expected investments of about $200 million,” the statement said.

The agreements included a draft commitment agreement to search for and exploit gas and crude oil in the North Port Fouad offshore area in the Mediterranean between EGAS and IEOC Production BV.

The agreements further included a draft commitment agreement to search for and exploit gas and crude oil in the South Nour offshore area in the Mediterranean Sea, between EGAS and IEOC Production BV.

The Cabinet approved another draft commitment agreement for the exploration and exploitation of gas and crude oil in the North Al Khatatbah onshore area in the Nile Delta between EGAS and ZN BV LTD.

The draft agreements also included a draft amendment to the commitment agreement to search for, develop, and exploit oil in the Horus Development Area in the Western Desert between EGPC, Tharwa Petroleum Company, and the General Petroleum Company (GPC).

Another draft commitment agreement was approved to search for, develop, and exploit oil in the South Dabaa Development Zone (SD-3) in the Western Desert between EGPC and HPS International Egypt Limited.