Egypt’s Cabinet has approved several petroleum commitment agreements involving the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and several international and national companies, with investments totalling $200 million.
In a statement the government highlighted these approvals as part of its intensified efforts to address the ongoing electricity shortage crisis, which has led to daily power cuts of up to three hours, Anadolu Agency reported.
The deals include a commitment to explore and exploit natural gas and crude oil in the North Port Fouad offshore area in the Mediterranean Sea and cover similar projects in the South Nour offshore area in the Mediterranean and the North El-Khatatba onshore area in the Nile Delta.
The agreements also involve amendments to existing commitments for oil exploration, development and exploitation in the Horus Development Area in the Western Desert, and another in the South Dabaa Development Area.
Egypt is a significant natural gas producer, with an average annual production of around 60 billion cubic metres. However, this falls short of the nation’s annual demand of about 62 billion cubic metres.
The new agreements highlight Egypt’s ongoing efforts to enhance its energy sector and develop its natural resources.
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