{"id":626833,"date":"2018-07-12T03:38:17","date_gmt":"2018-07-12T03:38:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/12\/oil-ministry-signs-three-new-oil-and-gas-exploration-agreements-in-gulf-of-suez-and-north-sinai\/"},"modified":"2018-07-12T03:38:17","modified_gmt":"2018-07-12T03:38:17","slug":"oil-ministry-signs-three-new-oil-and-gas-exploration-agreements-in-gulf-of-suez-and-north-sinai","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/12\/oil-ministry-signs-three-new-oil-and-gas-exploration-agreements-in-gulf-of-suez-and-north-sinai\/","title":{"rendered":"Oil Ministry signs three new oil and gas exploration agreements in Gulf of Suez and North Sinai"},"content":{"rendered":"

<\/a> Oil Ministry inks three new agreements for oil and gas exploration in North Sinai and the Gulf of Suez. <\/strong>The first agreement, between GHP Exploration Corp. and the South Valley Petroleum Holding Company, will see the company drill four new wells at a cost of about USD 6 mn at the West Gabal El Zeit concession in the Gulf of Suez, according to a ministry statement<\/a><\/u>. The second agreement was signed between the EGPC and UK\u2019s Perenco for exploration in the North Sinai offshore concession, while the third was with the EGPC for exploration in the Gulf of Suez\u2019 Ras Fanar concession. The Oil Ministry is currently finalizing procedures for 18 other agreements that will be announced soon<\/strong>, according to Minister Tarek El Molla. The government had announced plans to step up exploration activities<\/a><\/u> in FY2018-19 as the country marches toward natural gas self-sufficiency and bids to become a regional energy export hub<\/a><\/u>.<\/p>\n

On a related note, the EGPC is reportedly considering renewing a crude oil import agreement with Iraq for a third year<\/strong>, government sources tell Al Mal<\/a><\/u>. The authority is planning to re-negotiate payment terms and request to increase its grace period to six months from three months, if it decides to commit to the agreement for another year, they add. Egypt had renewed its agreement with Iraq, to import 12 mn bbl of crude oil, back in January<\/a><\/u>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil Ministry inks three new agreements for oil and gas exploration in North Sinai and the Gulf of Suez. The first agreement, between GHP Exploration Corp. and the South Valley Petroleum Holding Company, will see the company drill four new wells at a cost of about USD 6 mn at the West Gabal El Zeit […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626833","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"d7989f07-ccdd-4d91-a549-d435310d63c5","order":"0","is_powered_by":true,"section_story_id":"083b76bd-28f5-4dde-8694-e33f2fd20a64","story_type":"1","photo_url":"","photo_position":"above","related_issue":[626822],"teaser":"","voice_url":""},"yoast_head":"\nOil Ministry signs three new oil and gas exploration agreements in Gulf of Suez and North Sinai - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/12\/oil-ministry-signs-three-new-oil-and-gas-exploration-agreements-in-gulf-of-suez-and-north-sinai\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Ministry signs three new oil and gas exploration agreements in Gulf of Suez and North Sinai\" \/>\n<meta property=\"og:description\" content=\"Oil Ministry inks three new agreements for oil and gas exploration in North Sinai and the Gulf of Suez. 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The USD 105 mn agreement\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554240,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/27\/eni-commits-usd-1-bn-to-oil-exploration-in-suez-gulf-nile-delta\/","url_meta":{"origin":626833,"position":2},"title":"Eni commits USD 1 bn to oil exploration in Suez Gulf + Nile Delta","author":"enterpriseam admin","date":"27 December 2021","format":false,"excerpt":"Eni to invest at least USD 1 bn on oil production in Suez Gulf, Nile Delta: Italian energy firm Eni has signed an agreement with the state-owned Egyptian General Petroleum Corporation (EGPC), committing Eni to spending a minimum USD 1 bn on exploration and extraction in the Gulf of Suez\u2026","rel":"","context":"In "Investment 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