Egypt is facing major challenges in its energy sector. The government is counting on oil and gas development to meet these challenges and sustain supply.
On Tuesday 9 July, the Egyptian government gave the go-ahead for 5 oil and gas projects, which together represent an estimated investment of $200 million.
These projects, which are mainly aimed at exploring for and exploiting hydrocarbons, are linked to oil commitment agreements involving the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC) and international and local companies.
The projects include IEOC Production BV, a subsidiary of the Italian multinational Eni, which has obtained the right to explore for and produce gas and crude oil in the offshore areas of North Port Fouad and South Nour, in partnership with EGAS.
For its part, EGPC has amended an existing oil and gas cooperation with Tharwa Petroleum Company and General Petroleum Company (GPC) concerning the exploration, development and exploitation of oil in the Horus prospect in the Western Desert.
The approval of these various oil and gas projects comes at a time when Egypt is facing a major energy deficit, particularly in gas. The solution lies in diversifying its partnerships and increasing investment in hydrocarbons.
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