Egyptian Cabinet approves $200mln in new petroleum agreements

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The Egyptian Cabinet, led by Prime Minister Mostafa Madbouly, provisionally approved five petroleum commitment agreements during its first meeting on Tuesday. These agreements, expected to generate roughly $200m in investments, involve the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a consortium of international and domestic companies.

The agreements include a commitment for natural gas and crude oil exploration and production in the North Bur Fuad Marine area of the Mediterranean Sea. This involves Egypt, EGAS, and IEOC Production B.V.

Another agreement focuses on the exploration and production of natural gas and crude oil in the South Nour Marine area of the Mediterranean Sea. Here, the parties are Egypt, EGAS, and VIEOC Production B.V.

A third agreement targets the exploration and production of natural gas and crude oil in the North Khatatba land area of the Nile Delta. This one involves Egypt, EGAS, and LTD “ZN BV”.

Additionally, the agreements include an amendment to a commitment agreement for the exploration, development, and production of petroleum in the Horus Development Area of the Western Desert. This amendment, stipulated by Law No. 105 of 2014, involves Egypt, EGPC, Tharwa Petroleum Company, and the Egyptian General Petroleum Corporation.

The final agreement concerns the exploration, development, and production of petroleum in the South Dabaa Development Area (3-SD) of the Western Desert. Here, the parties are Egypt, EGPC, and HBS International Egypt Limited.