The Minister of Petroleum, Egypt, Tarek El-Molla, said it has signed nine (9) new agreements with local and international companies for the exploration of oil and natural gas on Friday, 1st January 2020.
The agreements, valued at over one-billion-dollar, are to be in the Eastern and Western regions of the Mediterranean Sea and the regional water of the Red Sea, with six large companies for the drilling of seventeen (17) wells.
In the released statement, he said that the development of several items of the oil deals has contributed to boosting the competitiveness of the country, as a preferred investment destination due to stable economic conditions and reforms.
The deals included Exxon Mobil Corporation, Chevron Corporation from the United States, French oil and gas company, Total, and South Valley Egyptian Petroleum Holding Company. They are part of 12-new-agreements that have been targeted since March 2020 with a minimum investment of $1.4 billion for the drilling of twenty-three (23) wells, nine (9) of them offshore the Mediterranean and three (3) in the Red Sea.
He said, “Egypt seeks luring new international investments in the activities of gas and oil exploration and concluding deals with big companies as a priority.”
