Egypt's Cabinet on Wednesday approved a draft law authorising the Minister of Petroleum to sign an agreement with the Egyptian General Petroleum Corporation (EGPC) for oil exploration and development in the Ras Budran and Gulf of Zeit areas in the Gulf of Suez. The decision, made during the Cabinet's 65th weekly meeting chaired by Prime Minister Moustafa Madbouly, is part of the government's strategy to maximise the use of natural resources and bolster the role of national energy companies in exploration and production activities. The agreement aims to boost state revenues and EGPC returns by raising production, lowering operating costs, and expanding the use of local components, in line with efforts to support sustainable growth in the petroleum sector. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
