Egypt signs 1-bln-USD deals for oil, gas exploration

Egypt’s Minister of Petroleum Tarek al-Molla on Friday said nine new agreements, valued at more than one billion U.S. dollars, were signed with local and international companies for exploration of oil and natural gas.

The exploration works will take place in regions in eastern and western the Mediterranean Sea and the regional water of the Red Sea with six large companies for drilling 17 wells, al-Molla added in a statement.

“Egypt seeks luring new international investments in the activities of gas and oil exploration and concluding deals with big companies as a priority,” he added.

He noted that developing many items of the oil deals has contributed a lot in boosting the competitiveness of Egypt as an attractive destination for investments amid stable economic conditions and reform.

The nine deals are part of 12-new-agreements that have been targeted since March 2020 with a minimum investment estimated by 1.4 billion U.S. dollars for drilling 23 wells, nine of them offshore the Mediterranean and three in the Red Sea, the minister of oil added.

The nine signed deals included Exxon Mobil Corporation and Chevron Corporation from the United States and Total French company and South Valley Egyptian Petroleum Holding Company.
Source: Xinhua

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