Egypt to adopt new licensing policy for oil and gas exploration deals

well egypt-QR9iudjz0 sxc.huAccording to Mr Kamal, investments in oil and gas exploration are expected to reach $8.6 billion this year. (Image source: QR9iudjz0/sxc.hu)Egypt has announced a new licensing policy for its future onshore and offshore oil and gas exploration contracts signed with foreign companies

“We have developed a new system that will be implemented in the next licensing round," said Osama Kamal, Egypt’s oil minister.

“The new system will allow Egypt to increase its share of the output when production rises. The more production rises, the more our share will be.”

However, the eight oil and gas exploration projects in the Mediterranean Sea that Egypt awarded last month — for an overall minimum investment of US$1.2bn — will be excluded from the policy.

According to Kamal, the total investments in oil and gas exploration are expected to reach US$8.6bn this year.

 

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