Egypt plans to sign oil and gas exploration and production contracts in 2021

12 agreements await Egyptian parliament’s approval

  
Worker on an offshore oil platform. Image used for illustrative purpose.

Worker on an offshore oil platform. Image used for illustrative purpose.

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Egypt has signed 12 oil and gas exploration and production agreements involving local and international companies, an official of the Ministry of Petroleum and Mineral Resources said.

Spokesperson Hamdy Abd Alaziz told Zawya Projects last week that the agreements have received cabinet approval and the contracts are expected to be signed in 2021 after parliamentary approvals.

He said agreements were signed with companies from the US, UK, France, Kuwait and the UAE to start exploration and production activities in the Western Desert, the Mediterranean and the Red Sea.

Abd Alaziz said the local counterparties to the agreements included the Egyptian Natural Gas Holding Company (EGAS), which has projects in Narges, North Al Dabaa; North Sidi Barani; North Al-Salloum; North Al-Amiriya; North of Ras Kanais; North Marina and North of Cleopatra in the Mediterranean; Ganoub El Wadi Petroleum Holding Company (Ganope), which has projects in Blocks 1, 3, and 4 on the Red Sea, and Egyptian General Petroleum Corporation (EGPC), which has a project in East Abu Sennan in the Western Desert.

In December 2019, Reuters reported that Egypt had awarded oil and gas exploration concessions in its first ever Red Sea licensing round.

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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