The Egyptian Ministry of Petroleum has signed nine agreements with a gross investment of $452.3 million for oil and gas exploration in the Mediterranean and Western Deserts.
The agreements were signed with officials of four international petroleum companies including Shell, Apache, Petronas and BP. Each of the nine agreements include additional grants worth $84 million to be allocated to the drilling of 38 wells.
“The strategy of the Petroleum Ministry targets tendering more global bids throughout the coming period along with sealing more oil deals,” says Minister of Petroleum, H.E. Tarek el-Molla.
The Ministry of Petroleum has signed 79 oil deals between the ministry, its partners and since July 2014. The Minister also added that four new agreements, endorsed by the House of Representatives, will be signed at a later stage.