The Egyptian cabinet has approved three draft agreements for gas and oil exploration in the country.
The agreement, involving the Egyptian Natural Gas Holding Company , the Egyptian General Petroleum Company , and several international companies, will cover the development of 13 wells in the Mediterranean and the Gulf of Suez, with a total investment of approximately US$319.5 million.
ExxonMobil has acquired exploration rights for two offshore blocks, Masry and Cairo, in Egypt’s Mediterranean region. The company will operate the two blocks with 100% interest. The third agreement was signed between General Egyptian Petroleum Company, Pico Petroleum Limited, and Kuwait Foreign Petroleum Exploration Company (KUFPEC) Limited. It focuses on the search, development and exploitation of oil in the Geisum and Tawila areas, which lie west of the Gulf of Suez.
The Egyptian Ministry of Petroleum signed an agreement with Barrick Gold and Centamin on commercial, fiscal and legal terms for the Model Mineral Exploitation Agreement (MMEA). This agreement relates to a number of concession blocks awarded to the two companies during an international bidding round for the exploration of gold and related minerals.
Source : Pumps Africa