Egypt’s President authorizes petroleum minister to sign exploration deals

The minister will be able to sign deals with the Egyptian Natural Gas Holding (EGAS), Chevron Egypt Holdings, and Tharwa Petroleum Company

  
Flames rise from an oil refinery in Cairo, May 6, 2008. Image used for illustrative purpose.

Flames rise from an oil refinery in Cairo, May 6, 2008. Image used for illustrative purpose.

REUTERS/Nasser Nuri
 

Egypt’s President Abdel Fattah el Sisi ratified a law that authorizes the Minister of Petroleum and Mineral resources to contract with three companies for oil and gas exploration, Ahram Gate reported on February 28th.

The minister will be able to sign deals with the Egyptian Natural Gas Holding (EGAS), Chevron Egypt Holdings, and Tharwa Petroleum Company to explore and produce oil and gas in Sidi Barrani area in the Mediterranean.

Petroleum minister Tarek el Molla revealed earlier this month Egypt’s first international bid round for the exploration and production of oil and gas.

Last year, El Sisi authorized the petroleum minister to contract with the Egyptian General Petroleum Corporation and Neptune Energy for the Gulf of Suez concession.

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