Egypt recently finalized three new agreements totaling $319.5 million with the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and an international consortium. These agreements aim to facilitate the drilling of 13 wells.
As part of these agreements, two contracts were signed with EGAS and ExxonMobil Egypt. These contracts will focus on exploring and producing natural gas and crude oil from the Masry and Cairo offshore blocks located in the Mediterranean region.
The third agreement was signed with EGPC, PICO Energy Group, and KUFPEC Egypt for the development and production of oil in the Geisum and Tawila blocks in the west of the Suez Canal.
The Geisum & Tawila West Concession is located at the southern entrance of the Gulf of Suez and covers the North Geisum, South Geisum, Northeast Geisum, and Tawila West fields.
The site, which includes 87 wells, six offshore platforms, five production pipelines, and an onshore storage facility, forms the center of Cheiron’s production and storage hub. This concession currently produces an average of 4,900 barrels per day.
During the first nine months of FY 2022–2023, the country witnessed a decline in petroleum exports to $11.7 billion, down from $13 billion. Simultaneously, petroleum imports increased to $10 billion from approximately $9 billion during the same period.
