Signing 3 Agreements for Exploration in Sinai and Gulf of Suez

Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, highlighted the importance of signing new petroleum agreements, as the main pillar of the petroleum activities. He mentioned that 83 new agreements were signed, the largest number of petroleum exploration agreements that have been signed with International companies working in Egypt since November 2013 till now. It helped Egypt strongly to restore its position as a major player in the oil and gas industry. Moreover, 18 new agreements are in the pipeline.

This came in the framework of signing 3 oil and gas exploration agreements at North Sinai and the Gulf of Suez regions.

The first agreement at west Jabal el-Zeit, south Gulf of Suez concession area, with Ganoub El Wadi Petroleum Holding Company and the British Corp., GHP with minimum investment of about $6 million, for drilling four new wells. The second agreement with EGPC at Ras Fanar concession area in the Gulf of Suez.

The third agreement with EGPC and the British Co., Perenco at offshore North Sinai concession area.

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