Cabinet approves five $200M energy agreements with local, intl. companies

CAIRO - 9 July 2024: The Egyptian Cabinet said, in a statement on Tuesday, that it approved 5 projects for petroleum commitment agreements for the Egyptian Natural Gas Holding Company, the Egyptian General Petroleum Corporation, and a number of international and national companies, with expected investments of about $200 million.

 

The approval of these agreements is expected to contribute to Egypt's efforts to increase its oil and gas reserves and production, and to meet the growing demand for energy in the country.

 

The agreements are: a commitment agreement for the exploration and exploitation of natural gas and crude oil in the North Port Fouad marine area in the Mediterranean Sea, between the Arab Republic of Egypt, the Egyptian Natural Gas Holding Company, and Ioc Production B.V.

 

The second one is a commitment agreement for the exploration and exploitation of natural gas and crude oil in the South Nour marine area in the Mediterranean Sea, between the Arab Republic of Egypt, the Egyptian Natural Gas Holding Company, and VIEOC Production B.V.

 

Another commitment agreement for the exploration and exploitation of natural gas and crude oil in the Ard North Al-Khatatba area in the Nile Delta, between the Arab Republic of Egypt, the Egyptian Natural Gas Holding Company, and ZN BV.

 

In addition to that is an amendment to the commitment agreement for the exploration, development, and exploitation of petroleum in the Horus Development Zone in the Western Desert, issued by Law No. 105 of 2014, between the Arab Republic of Egypt, the Egyptian General Petroleum Corporation, Tharwa Petroleum Company, and the General Petroleum Corporation.

 

A commitment agreement for the exploration, development, and exploitation of petroleum in the South Dabaa Development Zone (SD-3) in the Western Desert, between the Arab Republic of Egypt, the Egyptian General Petroleum Corporation, and HPS Global Egypt Limited.

 

The agreements are part of the government's strategy to attract foreign investment in the oil and gas sector, and to develop the country's natural resources.