Egypt signs 9 oil and gas exploration agreements, with investments of over $ 1 billion

Egyptian Oil Minister Tarek El Molla signed 9 new agreements with 6 international and Egyptian companies for the exploration of oil and natural gas in the eastern and western Mediterranean regions and in the regional waters of the Red Sea.

According to the Oil Ministry, the minimum investments that are pumped out under the signed agreements are estimated at more than $ 1 billion.

Al-Mulla said in a statement that “the nine new agreements come from 12 new agreements that the ministry was able to reach during the period of the Corona pandemic, with a minimum investment of around $ 1.4 billion, and is targeting to drill 23 wells in 9 regions of the eastern and western Mediterranean and 3 regions of the Red Sea “, stressing that the other three agreements are being signed in the coming period.

Al-Mulla asserted that “the ministry’s new strategy to promote investment opportunities was the secret of its success in attracting new global investment to Egypt in oil and gas exploration activities and entering into new partnerships. with giant and major companies in the global oil industry, such as Exxon Mobil and Chevron, entering Egypt at the moment. ” The first is to invest in oil and gas exploration activities as well as to boost the activity and investments of the large international companies currently active such as Shell, BP and Total in light of the new opportunities and promising possibilities in the regions. from the east and west of the Mediterranean and the Red Sea.

Source: The Seventh Day

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