Egypt has approved five new gas and crude oil exploration agreements, with a total investment of $200 million from both international and national companies.

The Egyptian Natural Gas Holding Company (EGAS) has entered into two preliminary agreements with the International Egyptian Oil Company Production, a branch of the Italian multinational Eni, for the search and extraction of gas and crude oil in the North Port Fouad and South Nour offshore regions in the Mediterranean Sea.

Furthermore, EGAS has made a deal with ZN BV LTD. to search for and develop gas and crude oil in the North Al Khatatbah onshore area of the Nile Delta.

The Egyptian General Petroleum Corporation (EGPC) has revised its contract with the local exploration firm Tharwa Petroleum Company to facilitate oil exploration and production in the Horus Development Area.