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House to debate Nile Delta gas law
The House of Representatives approved a bill granting the Ministry of Petroleum and Mineral Resources a license to contract with Egyptian and foreign companies for searching for natural gas and crude oil in the North Tanta area of the Nile Delta. The agreement stipulates that the Egyptian Natural Gas Holding Company and contractor companies will have specific obligations, including a royalty of 10% of the production during the exploration and development period. The exploration period begins with three years, with the possibility of a three-year extension, and will end if no commercial discovery is made within eight years from the start of exploration. The contractor’s commitments include expenditures of no less than $2.4 million for the initial period and drilling one exploratory well during each exploration phase, with increased obligations for expenses and activities if the contractor spends more. This agreement is considered a significant step to enhance energy security, attract foreign investments, create job opportunities, transfer modern technology, strengthen the country's position as a regional energy trading hub, and secure non-refundable grants.
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