Cabinet Approves Six Agreements between EGPC and IOCs
The Egyptian cabinet met on the 25th of May 2017 for a meeting chaired by Prime Minister Sherif Ismail. During the meeting, the cabinet approved six agreements between the Egyptian General Petroleum Company (EGPC) and a number of unnamed international oil companies (IOCs) for oil exploration in the Western Desert.
The deals included exploration work in North West El Ghareb field, South Alam El Shawish field, West Badr El Din field, South East Meleiha field, North Um Barraka field, and Fayoum field, according to the Cabinet’s Press Release.
The agreements aim to seeking the best usage of the Egyptian oil and gas wealth to benefit in achieving the Egyptian development goals.
In related news, a press release to Egypt Oil&Gas had stated that Minister of Petroleum and Mineral Resources, Tarek El Molla, attended the signing of a $300m agreement, signed by Sumed Company and the National Bank of Kuwait (NBK), to finance part of a project to store petroleum products and natural gas in Ain Sukhna port.