Egypt’s Cabinet has approved five agreements with international and national companies to explore gas and crude oil potential. These petroleum commitment deals are projected to attract around $200 million in investments.

One of the agreements between Egyptian Natural Gas Holding Company (EGAS) and IEOC Production BV aims to explore and develop gas and crude oil resources in the North Port Fouad offshore area of the Mediterranean.

They will also collaborate on exploring and developing gas and crude oil resources in the South Nour offshore area of the Mediterranean Sea. Additionally, a proposed commitment agreement between EGAS and ZN BV LTD aims to explore and develop gas and crude oil in the Nile Delta’s North Al Khatatbah onshore area.

Similarly, the Cabinet approved a proposed amendment to the commitment agreement for oil exploration, development, and exploitation in the Horus Development Area in the Western Desert. This agreement involves the Egyptian General Petroleum Corporation (EGPC), Tharwa Petroleum Company, and the General Petroleum Company (GPC).

Lastly, the Cabinet approved a proposed commitment agreement for oil exploration, development, and exploitation in the South Dabaa Development Zone (SD-3) in the Western Desert. This agreement involves EGPC and HPS International Egypt Limited.

Now accepting applications for Fast Company Middle East’s Most Innovative Companies. Click here to apply.