Egypt has signed four new agreements for oil and gas exploration with minimum investments worth $155m in the Western Desert, Suez Gulf, and the Nile Valley for drilling 30 wells.
Minister of Petroleum and Mineral Resources, Tarek El Molla stated that the first agreement is signed between the Egyptian General Petroleum Corporation and International Egyptian Oil Company (IEOC) for oil and gas exploration in the south-eastern Siwa concession area in the Western Desert, with a minimum investment of about $17m, allocating about $1.2m to drill four new wells.
Regarding the second agreement, El Molla declared in a press statement on Wednesday that it is signed between the Egyptian General Petroleum Corporation and IEOC company for oil and gas exploration in the West Razak Development Concession Area in Western desert with investments worth $34m, allocating $5m for drilling 13 new wells.
He continued that the third agreement was signed between the Egyptian General Petroleum Corporation and Merlon El Fayum Company with minimum investments of about $36m, allocating $2.3m for drilling eight new wells.
Concerning the fourth agreement, the Minister said that it is signed between Ganoub El Wadi Petroleum Holding Co. pacific oil and gas, and ZIM Ningbo (ZNB) for oil and gas exploration
in the south-eastern concession area of Ras Al-Ush in the Gulf of Suez with a minimum investment of about $68m, allocating $2.3bn for drilling five new wells.
He assured the importance of the sustainability of the petroleum sector in signing new petroleum agreements, describing them as the main pillar and cornerstone on which various petroleum activities are based on.
El Molla added that the oil sector contributes to strengthening and maximising the production of Egypt’s oil and gas, mentioning that the oil sector is considered as one of the important pillars in attracting foreign investments and supporting the national economy.
The four new deals will increase the number of signed oil agreements to reach 103
since the 30 June revolution.