Egypt’s Cabinet has approved five draft petroleum 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 energy companies.
The agreements reflect the commitment of global investors to expanding their operations in Egypt, increasing production rates, and maximizing the potential of exploration and production areas through new discoveries.
With a minimum investment of approximately $225.3 million, the projects include drilling at least 40 wells for gas and crude oil exploration and production. Key areas covered under these agreements include the offshore Merneith block in the Mediterranean Sea, Southeast Meleiha, the Kanais Company, the West Razzak development area in the Western Desert, Wadi Sahil and South Wadi Sahil in the Eastern Desert, and the North Sinai offshore zone in the Mediterranean.
The approval was granted during the 30th Cabinet meeting, chaired by Prime Minister Mostafa Madbouly, as part of Egypt’s ongoing efforts to attract foreign investment and enhance its energy sector.