Egypt approves $200m of corporate energy project investment

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The Egyptian Cabinet has approved five crude oil and gas project agreements with foreign and national energy companies with expected investments of around $200m.

“The Cabinet approved five projects for petroleum commitment agreements for the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a number of international and national companies, with expected investments of about $200m,” the Egyptian Cabinet said in a statement.

The agreements include gas and crude oil exploration projects in the Mediterranean, Nile Delta and Western Desert.

The project approvals are expected to boost Egypt’s oil and gas reserves and production, meeting the country’s growing energy demand.

The energy deals are part of the government’s broader strategy to attract foreign investment and develop the country’s natural resources.

The Cabinet approved several agreements to boost oil and gas exploration and production, including between EGAS and IEOC Production for gas and crude oil exploration in the North Port Fouad offshore area in the Mediterranean.

The government also approved agreements between EGAS and IEOC Production for exploration in the South Nour offshore area in the Mediterranean and between EGAS and ZN BV for exploration in the North Al Khatatbah onshore area in the Nile Delta.

Furthermore, an amendment to the agreement between EGPC, Tharwa Petroleum Company, and the General Petroleum Company (GPC) for oil development in the Horus Development Area in the Western Desert.

The Cabinet also approved between EGPC and HPS International Egypt for oil development in the South Dabaa Development Zone (SD-3) in the Western Desert.

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