The Egyptian Cabinet approved on Tuesday 9 July five new commitment agreements for gas and oil exploration projects, involving a range of international and national companies. 

These deals are expected to bring around USD 200 million (EGP 9 billion) in investments, to strengthen the country’s energy sector.

A deal was agreed between the Egyptian Natural Gas Holding Company (EGAS) and IEOC Production BV to search for and exploit gas and crude oil in the North Port Fouad offshore area in the Mediterranean. 

Another agreement took place between EGAS and IEOC Production BV to search for and exploit gas and crude oil in the South Nour offshore area in the Mediterranean Sea.

The Cabinet also validated a commitment agreement between EGAS and ZN BV LTD to explore and exploit gas and crude oil in the North Al Khatatbah onshore area in the Nile Delta. 

Additionally, an amendment was authorized to the existing commitment agreement between the Egyptian General Petroleum Corporation (EGPC), Tharwa Petroleum Company, and the General Petroleum Company (GPC) to search for, develop, and exploit oil in the Horus Development Area in the Western Desert.

Furthermore, the Cabinet approved a commitment agreement between EGPC and HPS International Egypt Limited to search for, develop, and exploit oil in the South Dabaa Development Zone (SD-3) in the Western Desert.

These new deals come at a time when Egypt is seeking to bolster its energy sector and reduce its reliance on imports. The country has been making strides in renewable energy development, with a growing focus on solar and wind power projects.