Egypt Unveils USD221M Energy Deals
(MENAFN) The Egyptian government has approved five petroleum concession agreements, in partnership with several international oil and gas companies, totaling investments of over 221 million U.S. dollars, the cabinet announced on Wednesday.
These deals, signed by the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company, are aimed at enhancing exploration and production in key areas such as the Western Desert, the Gulf of Suez, and the Mediterranean Sea.
"The agreements include a minimum investment estimated at around 221.23 million U.S. dollars, non-refundable signature bonuses worth 31.5 million U.S. dollars, and the drilling of at least 24 wells," the cabinet statement revealed.
The new agreements will cover areas including North West El-Maghara in the Western Desert, East Al-Hamd and East Gamsa offshore in the Gulf of Suez, an integrated development zone in the Western Desert, and North Damietta offshore in the Mediterranean.
These deals are part of Egypt's ongoing efforts to attract foreign investment, improve energy sector competitiveness, and support its strategy to become a regional energy hub.
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