Arab Finance: In light of the strategy of the Ministry of Petroleum and Mineral Resources, which aims to attract more investments in the field of searching for gas and raw oil and their exploitation, and the successes of the oil sector in increasing cooperation with international companies to expand searches and exploration, by providing incentives to attract investment and marketing high -ruling regions in light of the challenges facing companies in those areas, it has been agreed to develop the system of petroleum agreements to increase the competitiveness of the system Financially applied in Egypt, which contributes to encouraging partners to pump investments while achieving an appropriate economic return that encourages the completion and increase of searches and development in those virgin areas, while taking the necessary approvals in this regard from the state’s devices concerned.
In the context of this, a memorandum of understanding has been signed between the Egyptian Natural Gas Holding Company and the Exxon Mobil Egypt Epistream to extend to lay the foundations necessary to develop the agreements system in the event of an investigation company Exxon Mobil Positive results in the Cairo Naval and Maritime area in the Mediterranean Sea, which the company won in November 2023, as this will be an incentive for the company in preparing an integrated development plan for these areas in the event of positive results for exploratory excavation in them, especially since the company has finished conducting a three -dimensional survey of an area of about 11 thousand square kilometers, and these data are being evaluated in preparation for the start of exploration programs.
It is worth noting that the agreement will be an incentive for companies in carrying out exploratory operations in a serious manner, as the government and companies sharing the expected gains in the event of achieving significant discoveries and achieving greater profits than expected, and putting the government's share in a rapprochement of the global market, this does not spare the ministry an effort to provide all the necessary support to serious companies in pumping new investments in the framework of the Ministry's endeavor to increase production volume and meet consumption and development needs Different.
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