Egypt’s President Abdel Fattah al-Sisi authorized Minister of Petroleum and Mineral Resources Tarek al-Mula to sign contracts with the Egyptian General Petroleum Corporation and the German DEA Suez GMBH Group according to law no.9 of 2019.
According to the expected contracts, DEA Suez will explore, develop and take advantage of oil in the Ras Badran and Gulf of Oil development areas in the Gulf of Suez.
Egypt’s Minister of Petroleum and Mineral Wealth Tarek al-Molla signed an agreement in March with DEA for oil and gas exploration in the Gulf of Suez’s Ras Badran and Ziet Bay areas with investments totaling US$20 million.
Molla said in a statement that DEA will undertake drilling activities and the operation and maintenance of the liquefied Natural Gas (LNG) extraction plant in the Gulf of Suez area.
He mentioned that the ministry has been cooperating with DEA for more than 45 years to achieve higher oil and LNG production rates in areas of the Gulf of Suez, the Delta and the Mediterranean Sea.
DEA General Manager Sameh Sabry said that the company injected US$800 million for oil and LNG exploration in the Gulf of Suez, Desouk and North Alexandria’s fields during 2017 and 2018, adding that it would possibly inject another US$700 million in the coming three years.
DEA Suez GmbH operates in the field of exploration and production of natural gas and crude oil. The Company deploys state-of-the-art drilling and production technologies. DEA Suez conducts business worldwide.