Egypt Signs Oil and Gas Agreements Worth USD 1 Billion in Investments
The agreements include exploring two deep water areas in the Mediterranean Sea and Western Sahara, in collaboration with foreign companies.
Egypt’s Ministry of Petroleum and Mineral Resources recently signed two oil and gas exploration agreements worth a minimum investment of USD 1 billion for exploratory projects, in collaboration with Canadian, British, Dutch, Malaysian and Kuwaiti companies,
The first agreement with the Egyptian Petroleum Authority, Shell International, and Malaysia’s Petronas companies, will take place in the Mediterranean’s deep West Delta where the building of eight new wells is set to begin with investments worth USD 1 billion.
Meanwhile the second agreement with the Petroleum Authority, the Kuwaiti energy companies, the Canadian Dover, and Rockhopper is worth USD 10 million in investment, with a USD 2 million grant to drill four wells in the Western Sahara.
Having already signed around 63 oil and gas exploration agreements and contracts since June 2014, the oil sector has already gotten at least USD 15 billion in investments.
Minister of Petroleum, Tarek Al-Mulla, adds that Egypt’s improvement in the oil and natural gas sector has returned outstanding results, and that the oil sector is resuming with international bids and the signing of more contracts to develop the country’s oil and gas resources. The increase in oil production will, in turn positively affect the requirements of local markets and decrease oil imports.
Main image taken from cdn2.com