Egypt Cabinet Approves 13 Draft Agreements to Explore Oil, Gas

Egypt Cabinet Approves 13 Draft Agreements to Explore Oil, Gas

The Egyptian Cabinet approved on Wednesday 13 draft agreements between the Egyptian General Petroleum Corporation, the Egyptian Natural Gas Holding Company, and a number of international companies.

Under the deals, the Egyptian General Petroleum Corporation will be responsible for oil exploration in areas west of Wadi Natrun, east of Siwa, west of Magharra, west of Abu Gharadiq, east of Alam Saweesh, and in the Gulf of Suez, according to the Cabinet.

The Egyptian Natural Gas Holding Company will be in charge of natural gas and crude oil exploration in the Mediterranean Sea areas, including north of Fayrouz and Rafah, Tiba, and Tabiya as well as northeast of Arish and Bellatrix City East.

In another context, Prime Minister Mostafa Madbouly said in a press conference after the Cabinet meeting that the government granted weeks ago nine licenses for various projects.

This falls under the directives of Egyptian President Abdel Fattah al-Sisi to encourage the private sector’s role and increase its contribution to economic growth.

Madbouly showcases a sample of the golden license, which comes in the form of a “smart card” with a “QR Code” so that all license-related data are accessible through it.

The PM pointed out that the Cabinet is expanding during its meetings the