Generation
Posted By OrePulse
Published: 21 Feb, 2025 08:37
China's North Petroleum allocates $100mln for Egypt oil, gas concessions
Egypt - China's North Petroleum has set aside $100 million to acquire new concession contracts or establish partnerships for oil and gas exploration in Egypt's Western Desert and offshore areas, the company's regional director in Egypt Sun Bao told Asharq Business.
Bao said the company shifted focus to these areas as they remain largely untapped, unlike the Eastern Desert and the Suez Canal area, where exploration has reached saturation.
The company already holds concession contracts in eastern Egypt for a decade.
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