Egypt signs 2 new agreements for oil, gas exploration - EGYPT TODAY

CAIRO, Mon, Aug. 20, 2018

Minister of Petroleum and Mineral Resources Tarek el-Molla signed two new agreements for the exploration of oil and natural gas in Sinai and the Suez Gulf with investments of $65 million.

The minister also signed grants of $3.5 million, an official statement revealed.

The first agreement is signed with General Petroleum Company (GPC) in Sinai to improve its production in the frame of the Ministry of Petroleum’s plans to increase production and support the national companies working in oil and exploration field.

The statement referred that the second agreement was signed with the Petroleum Corporation and Zaafarana Petroleum Company, Oceaneer Zaafarana, and Sahary for Oil and Gas in the Gulf of Suez.

Molla announced that the number of signed petroleum agreements reached 61 new agreements since 2017 with a minimum investment of $14 billion to explore oil and gas in Egypt’s Egypt's land and sea areas.

Cabinet approves establishment of Nuweiba freezone - ENTERPRISE

Sunday, 1 April 2018

CABINET WATCH- The Ismail Cabinet approved yesterday the establishment of a freezone in Nuweiba and will offer investment incentives there including 50% tax cuts for three years. The 1 mn sqm zone is expected to see as much as USD 40 mn in infrastructure-related investment, South Sinai Governor Khaled Fouda said yesterday. The freezone is part of the government’s Sinai development strategy, which relies significantly on attracting local and Arab investors to the peninsula to spur growth, Investment Minister Sahar Nasr told reporters yesterday.

The ministers also signed off on legislation allowing the oil minister to sign oil exploration and production agreements in Ras Qattara with the EGPC, the International Egyptian Oil Company, and Croatian oil and gas company INA; in in the Gulf of Suez’s North Zaafarana concession with Zaafarana Petroleum Company, Oceaneer Zaafarana, and Sahary for Oil and Gas; and in the West Delta Deep Water Concession with Shell and PICL Egypt Corporation.