Egypt Approves Petroleum Agreements Exceeding $300 Million

The Egyptian Cabinet announced in a statement today, Thursday, that it has approved three petroleum commitment agreements for the Egyptian Natural Gas Holding Company, the Egyptian General Petroleum Corporation, and several international companies, with a total minimum drilling of 13 wells and investments amounting to approximately $319.5 million. The agreements include two commitment agreements for the exploration of gas and crude oil and their exploitation in the "Cairo Marine" and "Mistri Marine" areas in the Mediterranean, as well as a commitment agreement for the exploration, development, and exploitation of petroleum in the Gيسوم and Tawila area west of the Gulf of Suez.