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FinancialNews
07-09-19
2 pacts for oil, gas exploration in Egypt
(MENAFN) The Egyptian Ministry of Petroleum & Mineral Resources secured a couple of deals on the exploration of oil and gas within the Western Desert.
Minister of Petroleum Tarek El-Molla inked the two agreements between the Egyptian General Petroleum Corporation (EGPC) and the Egyptian National Petroleum for Exploration and Development Company (ENPEDCO).
Under the contracts, ENPEDCO will be responsible for drilling four exploratory wells using at least USD4 million worth of investments.
Egypt is looking to prioritize new geological structures in its oil sector, focusing on potential prospects in Western desert and conducting research and exploration activities, el-Molla added.
MENAFN0709201900450000ID1098975311
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