NEW ALAMEIN, Egypt, July 27, (MENA) - The cabinet gave the green light to three draft petroleum agreements with total investments of dlrs 319.5 million for the Egyptian Natural Gas Holding Co. (EGAS), the Egyptian General Petroleum Corporation (EGPC) and a number of international companies.

The agreements sanction the drilling of at least 13 wells.

The approvals were given during a meeting on Thursday under Prime Minister Moustafa Madbouly at the cabinet premises in New Alamein city.

Under the draft deals, two projects on crude oil and natural gas exploration and exploitation will be carried out in two blocks, Masry and Cairo, offshore Egypt. The blocks are located in the outer Nile Delta and cover more than 11,000 square kilometers in the Mediterranean. The deals are between Egypt, EGAS and ExxonMobil Egypt.

Also, the draft agreements include a project on oil exploration, development and exploitation in Geisum area in the western Gulf of Suez between Egypt, EGPC, Pico Petroleum Services and KUFPEC Egypt Limited.

The cabinet has, as well, approved a presidential decree on the the re-allocation of two land plots, with a total area of 48 feddans in East El Owainat, New Valley governorate, for the National Service Projects Organization to be used in land reclamation and cultivation activities. (MENA)

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