Arab Finance: Egypt’s Cabinet has approved two draft concession agreements for the exploration, development, and exploitation of oil and gas across several key areas, with minimum investments of around $85 million, as per a statement.
The first agreement, signed between the Egyptian Natural Gas Holding Company (EGAS) and Chevron Egypt Holdings Ltd, covers gas and crude oil exploration in the Lotus offshore area of the Mediterranean Sea.
The second agreement, inked between the government and the General Petroleum Company (GPC), relates to petroleum exploration and development in multiple locations, including the Gemsa and Ras El-Bahar development areas in the Eastern Desert, Ras Gharib-1 and its extension in the western Gulf of Suez and the Eastern Desert, the South Rafah “Abu Raad” development area in the Sinai Peninsula, and the Abu Sennan development area in the Western Desert.
The approvals form part of the Ministry of Petroleum and Mineral Resources’ broader strategy to attract new investments and accelerate exploration and production activities, to increase output, optimize the use of natural resources, and reduce reliance on imports.
