The agreements entail a minimum investment of approximately $225.3 million, including the drilling of at least 40 wells for the exploration and exploitation of natural gas and crude oil.
The Egyptian Cabinet approved five petroleum concession agreements involving the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), the South Valley Egyptian Petroleum Holding Company (GANOPE), and several international companies.
The agreements entail a minimum investment of approximately $225.3 million, including the drilling of at least 40 wells for the exploration and exploitation of natural gas and crude oil.
This decision reflects the commitment of these global firms to injecting new investments and increasing production rates, aiming to maximize the potential of their exploration and production areas and achieve new discoveries.
The projects cover exploration and production activities in the offshore Merneith area in the Mediterranean Sea, as well as petroleum exploration and development in the following locations: the integrated exploration and development areas of Southeast Meleiha and the Kanais Company, the West Razzak development area in the Western Desert, the Wadi Sahil development area in the Eastern Desert, the South Wadi Sahil area in the Eastern Desert, and the North Sinai offshore area in the Mediterranean Sea.
