Oil Egypt accountACCOUNT King Tut

Egypt & BP Sign New Oil Exploration Agreement in Gulf of Suez

Source: Ahram Online 7/30/2018, Location: Egypt

Share |
The Egyptian General Petroleum Corporation has signed an agreement with British Petroleum to drill in the Gulf of Suez region, Al-Ahramís Arabic website reported.

The agreement was signed by Abed Ezz El-Regal, CEO of the Egyptian General Petroleum Corporation, and Hesham Mekkawy, regional president of BP, North Africa.

Exploration will take place at North-East Ramadan in the Gulf of the Suez region, with $46 million investment and a $4 million grant to dig three wells.

Minister of Petroleum and Mineral Resources Tarek El-Molla said at a press conference that the ministry has ambitious plans to raise investment in the petroleum sector in Egypt, which will increase the domestic production of petrol and natural gas, as well as increasing the country's reserves.

He said that the new agreement is a result of the global bidding for oil exploration issued by the Egyptian General Petroleum Corporation in 2016.

This agreement is the 88th since 2014, and the EGPC is working on signing 13 more.

BP CEO Bob Dudley said earlier this year the company is looking to invest over $1 billion (EGP 721.66 million) in Egypt this year.

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

Egypt >>  9/2/2019 - The Ministry of Petroleum said 10 exploratory wells were dug in the Western Desert and they went online in a record time with a daily average output o...
Egypt >>  8/26/2019 - Prime Minister Mostafa Madbouli said that the state attaches great importance to the petroleum sector due to its vital role in pushing forward develop...

Egypt >>  9/25/2014 - Egypt's state-run Egyptian General Petroleum Corporation (EGPC) declared that Egypt received a share of the foreign partnerís oil and gas revenues of ...

Related Categories: Artificial Lift  Cementing, Stimulation  Drilling  Drilling Engineering & Equipment Systems  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 

Related Articles: Drilling  Drilling Engineering & Equipment Systems  General  Logging, Perforating, Testing  Offshore Drilling  Workover & Well Services  Workover Rigs/Services 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us