The Cabinet approved seven new oil agreements to explore for oil and gas. It also amended an agreement for the Egyptian General Petroleum Corporation (EGPC) in preparation for submission to the President for approval.
Petroleum Minister Sherif Ismail said the signing of the new agreements is an indicator of confidence in the investment climate in Egypt in general, and investment in the oil sector in particular.
He added that the new agreements will inject investments with a minimum of US$1.2 billion, and would include the drilling of a minimum of 17 new wells for excavation during the three-year research period.
Partners in the agreements include the Emirati Dana Gas, Italian Oil Company (IOC), BP, the Italian Edison Oil and Gas and the Canadian Sea Dragon Energy Inc.
Edited translation from Al-Masry Al-Youm