Egypt’s House of Representatives approves 12 Oil & Gas E&P Agreements

The Egyptian oil minister, Tarek el Molla, has announced the signing of 12 agreements with international companies for the search for oil and gas in the Red Sea, in the Western Desert and in the exclusive economic zone (EEZ) in the eastern and western Mediterranean with investments up to to a billion dollars and signing bonuses of up to 19 million dollars.

This was announced by the Egyptian oil ministry in a statement. Of the total of 12 concessions, about 6 are located in the western Mediterranean. The 6 areas were assigned in direct order without being offered in a tender, as a senior official told “Agenzia Nova”. The areas of the Western Mediterranean include North Dabaa, North Sidi Barani, North Salloum (near the Libyan borders) – North El Amreyia, Northern Ras Kanayes, North Marina.

In addition to the 6 concessions, there are 6 other concessions in the western desert, the Red Sea and the Egyptian EEZ in the East Mediterranean. “The agreements have been signed with several global companies including Chevron, Edison, BP, Total, Shell, Noble Energy, KUFPEC and Mubadala,” said el Molla.