Interim President Adly Mansour issued decrees approving eight new oil agreements to search for oil and gas with investments of at least US$1.2 billion. Seven of the agreements are for the Egyptian Natural Gas Holding Company (EGAS) with Emirati, Italian, English, Irish and Canadian companies. The eighth is amending an agreement of The Egyptian General Petroleum Corporation (EGPC).
The new agreements include exploration for oil and gas in the Mediterranean, the Nile Delta and the Gulf of Suez.
These areas have been put forward by EGAS for the drilling of a minimum of 17 new wells for exploration purposes during the three-year period of research.
The agreements take into account economic balance, which ensures the country's right of fine revenue, and motivates foreign investors to pump more investments to increase exploration, reserves and production.
It is noteworthy that the president had already issued 21 decrees for petroleum agreements for oil and gas with international companies, with investments of a minimum of $713 million, including the drilling of 109 wells .
Edited translation from Al-Masry Al-Youm