Egypt’s Cabinet nods to 13 draft oil exploration deals

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The exploration rights will be for the Egyptian General Petroleum Corporation, the Egyptian Natural Gas Holding Company, and a number of international companies

Staff Writer, Arab Finance

February 3, 2023

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Egypt - The Egyptian Cabinet has endorsed 13 draft agreements for oil exploration in the Western Desert, Gulf of Suez, and the Mediterranean, according to a Cabinet statement on February 2nd.

The exploration rights will be for the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), and a number of international companies.

The Cabinet also approved a presidential draft law on the allocation of a number of state-owned land plots in Sohag for the establishment of several services and development projects within the framework of the “Hayah Karima” initiative.

Moreover, the Cabinet approved in principle four strategic projects submitted by some companies, granting them Golden Licenses.

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