Cairo: The Egyptian Cabinet has given the green light to five petroleum concession agreements involving the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), the South Valley Egyptian Petroleum Holding Company (GANOPE), and several international energy companies. With a minimum committed investment of approximately $225.3 million, the agreements include plans to drill at least 40 wells for the exploration and extraction of natural gas and crude oil. This move underscores the dedication of global energy firms to expanding their investments in Egypt, enhancing production rates, and maximizing the potential of their exploration and development sites to drive new discoveries.

According to State Information Service Egypt, the projects cover key areas for petroleum exploration and production, including the offshore Merneith block in the Mediterranean Sea. Other designated sites for oil and gas development include Southeast Meleiha and the Kanais Company, the West Razzak development area in the Western Desert, Wadi Sahil and South Wadi Sahil in the Eastern Desert, and the North Sinai offshore zone in the Mediterranean.