New concession targets higher production and reduced fuel imports
Egypt’s cabinet has approved a $208 million petroleum concession agreement aimed at boosting oil and gas production in the Western Desert, as the country seeks to curb costly energy imports.
The agreement brings together the Egyptian General Petroleum Corporation, Cheiron Petroleum, and Capricorn, with plans to drill around 44 wells and ramp up output to 105,000 barrels of oil per month alongside significant natural gas volumes.
Officials estimate the project could save up to $25 million monthly on fuel imports once production stabilizes. The deal also consolidates multiple existing concessions into a single integrated area, a move expected to improve operational efficiency and reserve recovery.
Source: Egypt Oil & Gas