Egypt approves 5 oil concession deals worth over 221 mln USD
CAIRO, May 14 (Xinhua) -- The Egyptian government on Wednesday approved five petroleum concession agreements involving state energy authorities and several international oil and gas companies, with minimum investments exceeding 221 million U.S. dollars, said the cabinet in a statement.
The deals were signed by the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company with global partners and aim to boost exploration and production activities in key regions, including 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," read the statement.
Specifically, the new agreements cover areas in 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, according to the statement.
The statement said the agreements came as Egypt continues its efforts to attract foreign investment, enhance energy sector competitiveness, and support its broader strategy to become a regional energy hub.
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