CAIRO - 25 August 2022: The Egyptian Cabinet agreed, in principle, to assign the “Northeast of El-Arish” offshore area to the Egyptian Natural Gas Holding Company (EGAS) and the Italian company (Eni) to search for and exploit gas and oil in the area.
The Cabinet said in a statement, Thursday, that the project is being built within the framework of the trend towards expediting the exploratory operations in the "Northeast of Al-Arish" offshore area.
The project comes in light of the Egyptian state’s tendency to increase the quantities of gas produced during the coming period, and to maintain the stability of the production curve, which contributes significantly to maintaining Egypt’s position as a regional center for the circulation of natural gas in the Mediterranean basin, and the continuity of gas exports to maximize the economic return.
The initial approval of the project comes as a prelude to taking the necessary legal and executive measures to start operations (providing that operations do not actually start except with the issuance of the law on granting the commitment).
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