The Egyptian Cabinet has approved four new petroleum exploration agreements collectively worth a minimum of $52.97 million and committing to the drilling of at least six new wells — a move aimed at accelerating hydrocarbon discovery across key offshore and onshore blocks.
Prime Minister Moustafa Madbouly announced the approvals at the cabinet’s 94th weekly meeting, with the deals spanning some of Egypt’s most strategically active exploration territories.
The first agreement, between the Egyptian Natural Gas Holding Company (EGAS) and Cheiron — Egypt’s largest independent exploration and production company — covers natural gas and crude oil exploration in the East Alexandria Marine Block in the Mediterranean. The second deal partners EGAS with IPR South Disouq Limited, a subsidiary of Texas-based IPR Energy Group, for exploration in the North Tanta Onshore Block in the Nile Delta.
The third approved agreement grants EGAS and Perenco North Sinai Petroleum the right to explore and exploit hydrocarbons at the Al-Fayrouz Onshore Block, while the fourth deal gives the state-owned General Petroleum Company (GPC) exploration, development and exploitation rights over the Asran Field Development Block in North Amer in the Eastern Desert.
The quartet of deals reflects Egypt’s ongoing drive to attract upstream capital across a geographically diversified set of basins — bringing together international independents, majors, and the national oil company in a coordinated push to shore up domestic production capacity.
Source: egyptoil-gas.com