Increase of foreign partner share in oil and natural gas production

Egypt laid down facilities for foreign and Arab oil companies to lure them prospecting for oil and natural gas in Upper Egypt areas.

The government decided to increase the production percentage for the foreign or Arab partners to reimburse expenses.

The increase rate will be given individually to each case (company), after the approval of the Cabinet.

Meanwhile, the government decided the establishing of a national company for oil prospection and exploration at L.E500 million capital, exempted from the income tax for 20 years.

According to plans of inducing Arab and foreign companies to work in Upper Egypt, the Petroleum Ministry will undertake preparations of maps and basic data on main areas of potential oil or natural gas findings.