CAIRO, (UrduPoint / Pakistan Point News / WAM – 02nd Jan, 2021) Egypt’s Minister of Petroleum on Friday said nine $1 bn new oil & gas exploration agreements were signed with local and international companies.
The exploration will cover regions in the east and west of the Mediterranean Sea and regional waters of the Red Sea with six large companies for drilling 17 wells, Tarek al-Molla said in a statement.
“Egypt seeks luring new international investments in gas and oil exploration, and concluding deals with big companies as a priority,” he added.
He noted that developing many items of the oil deals has contributed a lot to boosting the competitiveness of Egypt as an attractive destination for investments amid stable economic conditions and reform.
The nine deals are part of 12-new-agreements that have been targeted since March 2020 with a minimum investment estimated at $1.4 billion for drilling 23 wells, nine of them offshore the Mediterranean and three in the Red Sea, the minister of oil added.
