17 December 2018 05:02 AM

Petroleum min.: Egypt signs two $65 million agreements for oil, gas excavation

Monday، 20 August 2018 - 11:31 AM
Petroleum min.: Egypt signs two $65 million agreements for oil, gas excavation

Petroleum Minister Tareq el Molla signed two agreements for oil and natural gas exploration in Sinai and the Gulf of Suez, with investments of 65 million dollars.

Also, grants worth 3.5 million dollars were also signed by Molla.

The first agreement was signed with the state-owned General Petroleum Company (GPC) to increase the company's production in Sedr, Asal, Matarma and Karim fields in Sinai, Molla said in a statement on Monday20/8/2018.

The second agreement was signed with the Egyptian General Petroleum Corporation and Zaafarana Petroleum Company, Oceaneer Zaafarana, and Sahary for Oil and Gas in the Gulf of Suez, he added.

The new deals come as part of the Petroleum Ministry's efforts to increase Egypt's petroleum and gas production and reserves, Molla said.

He further noted that political stability and an investment-magnet atmosphere are important factors for luring world companies and signing new petroleum deals.

As of June 2014 to date, 61 agreements with investments of 14 billion dollars were signed for oil and gas exploration in Egypt.

 
MENA


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