The Petroleum Ministry signed three agreements for oil and natural gas exploration and production in North Sinai and the Gulf of Suez.

The first agreement was signed with South Valley Egyptian Petroleum Holding Company (Ganope) and Britain's GHP corporation to dig six new wells in the western Gebel El Zeit Concession with total investments of six million dollars. Gebel El Zeit is an isolated, elongate mountain that reaches up to 457 m and overlooks the southern end of the Gulf of Suez.

The second agreement was inked with the Egyptian General Petroleum Corporation (EGPC) to search for oil in Ras Fanar Concession in the Gulf of Suez while the third one was signed with EGPC and Britain's Perenco Oil and Gas Company for exploring in North Sinai maritime concession.

In a statement, Petroleum Minister Tarek el Molla underlined the importance of making new oil and gas finds as they help increase the country's production and are considered the main foundation for many industries.