Signing 2 New Agreements for Oil Exploration in Upper Egypt

Eng.Tarek El Molla , Minister of Petroleum and Mineral Resources, signed 2 new petroleum agreements for oil and gas exploration at Al Baraka area in Upper Egypt for GANOPE Co. , with the U.S. company IPR and Cyprus subsidiary Mediterra, with minimum investments of about $ 4.3 million, in addition to drilling 3 exploratory wells and signature bonus of $ 200 thousand. Its concession area lies in blocks no. 7 and 8 south and north Al Baraka in West Nile in Aswan.

The contracts were signed between Egypt's state-run Ganoub El-Wadi Petroleum Holding Company’s (GANOPE) chairman Sherif Sousa, IPR’s country Chairman Mahmoud Dabbous, and Mediterra’s Director Memet Kont.

Minister of Petroleum Tarek al-Molla said that the deals would help increase oil production to meet local market requirements.

It’s worth mentioning that, the new agreements will intensify exploration activities in the southern area of Egypt which has promising petroleum prospects.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects