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  • 28-12-19

    Egypt: 4 new deals for exploration of oil and natural gas

    (MENAFN) 4 new deals worth USD155 million were signed with local and global companies for exploration of oil and natural gas, according to Egypt's Minister of Petroleum Tarek al-Molla.


    Al-Molla said in a statement that, the exploration works will happen in the Western Desert, the Gulf of Suez and Nile Valley for drilling 30 wells.


    The importance of signing new deals on oil and gas exploration is "the major pillar for oil activities in Egypt," as said by al-Molla.


    Al-Molla said that, agreements like these will guarantee the growth and maximization of the oil and gas production that is considered "as a vital sector for luring foreign investments and boosting the national economy", "103 oil deals have been signed since 2013".

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