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  • 29-01-20

    Egypt: 2 new agreements to explore for oil, natural gas

    (MENAFN) Inking of 2 new deals to explore for oil and natural gas in the Mediterranean, with a minimum investment of USD332 million was stated by Egyptian Ministry of Petroleum.


    According to the Egyptian Ministry of Petroleum, Egyptian Minister of Petroleum Tariq Al-Mulla inked both deals with Egyptian Natural Gas Holding Company (EGAS) and the U.S. ExxonMobil oil company.


    The Ministry said in a statement that, under the first deal, with a minimum investment of USD220 million and a signature grant of USD10 million, 4 wells will be drilled in the Northeastern Amiriya marine region in the Mediterranean.


    With a minimum investment of 112 million dollars, and a signature grant of 7 million dollars, 3 wells will be drilled in the northern Maracea marine region in the Mediterranean under the second agreement.

    MENAFN2901202000450000ID1099619295

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