In an effort to enhance Egypt’s energy productions, the country has signed deals between Ganoub El-Wadi Petroleum Holding Company (GANOPE), US company IPR, and Cypriot firm Mediterra for the onshore drilling of three exploration wells in sector 7 and 8 in the country’s southern Al-Baraka field in Aswan, Reuters reported. Egypt Independent informed that the two agreements include investments worth about $4.3m and a signing bonus of $200,000.
According to Forbes.com, the deal aims to revive Egypt’s production in an attempt to satiate energy needs via domestic production, on the long run. Yet, the government’s near-term strategy involves new supply agreements to meet current demand levels.
The source added that Assistant Vice Chairperson at the Egyptian Natural Gas Holding Company (EGAS), Amira El-Mazni, announced that five companies had recently applied for licenses to import natural gas to Egypt.
The Egyptian government is also in negotiations with several foreign companies regarding LNG imports.