The Cabinet announced on Saturday that these agreements reflect the growing confidence of international companies in the investment climate of Egypt's petroleum sector. The three agreements are as follows:
North Sinai Offshore: The first agreement aims to reassign
the North Sinai Offshore concession area to Brent Oil Egypt, with investments $46
million, work scope drilling 3 wells, and signature bonus $1 million.
East Al-Hamd Concession: The second is an exploration
commitment agreement for the East Al-Hamd area, awarded to the UAE’s Dragon Oil
after it won the EGPC bid round with investments $40.5 million, work scope drilling
3 wells, and signature bonus $4.5 million.
The third agreement is with the global company Apache for the integrated search and development area in the Western Desert. This agreement adds five new exploration areas with investments $35 million, work scope drilling 14 wells, and signature bonus $25 million.