Egypt Independent

Egypt’s Petroleum minister signs 3 oil exploration deals with foreign companies



 

Petroleum Minister Tarek al-Mulla signed three agreements for the exploration of oil and natural gas in the Mediterranean Sea, the Western Desert, and the Nile Delta at investments worth US$ 139.2 million.

An agreement was also signed for a grant worth $55 million to dig 15 new wells.

The first agreement was signed between the Egyptian Natural Gas Holding Company (EGAS), Tharwa Petroleum and Italy’s Eni for the digging of two wells in the Noor gas field, off the coast of North Sinai in the Mediterranean Sea, with a total investment of $105 million.

The second agreement was signed between the Egyptian General Petroleum Corporation, Italy’s Eni and the Croatian multinational oil company INA d.d. in the Ras Qattara region of the Western Desert to drill nine wells with a total investment of $11.7 million.

The third agreement was signed between the Egyptian General Petroleum Corporation, Italy’s ENI and BP in the Nile Delta, Nidoco site, to drill four wells with a total investment of $22.5 million.

After signing the agreements, Mulla said that the petroleum sector will continue to hold more agreements targeting oil investments in land and sea areas.

He stressed that the Ministry’s credibility and commitment to deals encourages foreign partners to pump more investment in the fields of oil research, exploration, and production in Egypt.