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The Egyptian House of Representatives' Committee on Energy and the Environment released a report on a bill to authorize the Minister of Petroleum and Mineral Resources to conclude a contract for 39, exploitation of the Noor marine area.
According to the explanatory memorandum of the bill, submitted by the Egyptian Minister of Petroleum and Mineral Resources, Tariq Al-Mulla, IOC Production BV (Italy) and W (Egypt) submitted a direct offer to the Egyptian Natural Gas Company (EGAS) for the exploration and exploitation of gas and crude oil in the Noor region of northern Sinai, approved by the relevant committees of the Egyptian natural gas company. EGNI's share in oil and gas ranges between 70% and 82.5% depending on the quantities produced and the price of Brent crude. The Egyptian natural gas company and the two companies have agreed to the following: a draft agreement of commitment based on
The memorandum stipulated that the board of directors of the Egyptian Natural Gas Company approved the draft agreement, the Authority of operations of the armed forces (Egyptian Ministry of Defense), the Legislative and Fatwa sections of the State Council and the Council of Ministers. Sinai is located in the Mediterranean Sea, about 50 – 60 km from the Mediterranean coast, in the southeastern Shorouk sea area, which includes the giant rear field, one of the largest gas fields in the Mediterranean Eastern.
Source: 7th day
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