Arab Finance: The Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) signed a joint deal with IEOC, part of Eni, and bp, to commence exploration activities in the Mediterranean Sea, as per a statement.
The entities will team up to drill an exploratory well in the El Temsah Concession area during the coming months, as part of advancing natural gas exploration plans and enhancing opportunities for discoveries.
On his part, Minister of Petroleum Karim Badawi emphasized that this agreement falls within the framework of the ministry’s first axis strategy, which focuses on increasing local oil and gas production and meeting citizens' needs.