Egypt approves 3 deals on oil and gas exploration

The Egyptian Cabinet has approved three draft agreement on gas and oil exploration in the country.

The deals involves the Egyptian Natural Gas Holding Company, the Egyptian General Petroleum Corporation, and several international companies who will cover development of 13 wells in the Mediterranean and Gulf of Suez, with a total investment of approximately US $319.5M.

READ:Greater Tortue Ahmeyim project to delay

Inked deals

ExxonMobil secured exploration rights for two offshore blocks, Masry and Cairo, in Egypt’s Mediterranean region. The company will be operating both blocks with a 100% interest. The third agreement was signed between the Egyptian General Petroleum Corporation, Pico Petroleum Limited, and the Kuwait Foreign Petroleum Exploration Company (KUFPEC) Limited. It focuses on oil search, development, and exploitation in the Geisum and Tawila areas, located west of the Gulf of Suez.

Egypt’s Ministry of Petroleum signed an agreement with Barrick Gold and Centamin on the commercial, fiscal, and legal terms for a Model of Minerals Exploitation Agreement (MMEA). This agreement pertains to a number of concession blocks that were awarded to the two companies during an international bid round for the exploration of gold and associated minerals.