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  • 26-12-19

    USD155m oil, gas exploration contracts sealed: Egypt

    (MENAFN) Egypt secured four deals related to of oil and natural gas exploration at a value of USD155 million, with contracts penned between Egyptian Minister of Petroleum Tarek al-Molla and local and international firms, as the minister announced on Wednesday in a statement.

    According to the Egyptian minister, who later pointed out that 103 oil contracts were penned since 2013, the exploration is planned to be launched within the Western Desert, the Gulf of Suez and Nile Valley for thirty wells to be drilled.

    Furthermore, the minister underlined how significant it is for fresh oil and gas exploration deals to be signed, saying that it is considered "the major pillar for oil activities in Egypt."

    Al-Molla further added that contracts of this kind are guaranteed to drive a boost in the output of oil and gas, which is seen as "as a vital sector for luring foreign investments and boosting the national economy."

    MENAFN2612201900450000ID1099474782

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