Egypt’s People's Assembly has approved 13 petroleum agreements for the exploration of oil and gas offshore Egypt, Petroleum Africa reported.
The 13 agreements comprise contracts with Indian, Emarati, US, UK and Italian firms.
The agreements could produce a minimum investment of $2.5bn and result in a minimum of 31 wells drilled.
Ganoub El Wadi Petroleum Holding Company (GANOPE), Egypt’s state-run company, has entered into five agreements.
Agreements were signed with Indian companies for the South Quseir concession on the Red Sea, the South Sinai on the Gulf of Suez and the South Gulf of Suez. The companies will invest at least $128m and explore a minimum of nine wells.
A fourth agreement, for the Ghazaliyat (block-11) in the Assiut region, is with the Arab Investment Company and RAK Petroleum.
The concession wraps 700km2 of land. About $10.5m will be invested on exploring at least three wells.
Expansion of the West Esh El Mallaha Development block is the fifth agreement between GANOPE and Tharwa Company.
Egyptian General Petroleum Corporation has entered into an agreement with Apache/Khalda and Tharwa for the Siwa concession in the Western Desert.