Egypt Signs 4 Oil & Gas Deals Worth $155M

Egypt signed four oil and natural gas exploration agreements worth $155 million. Excavations are to take place in the Western Desert, the Gulf of Suez and the Nile Valley, the Petroleum Ministry stated. The deals involve the drilling of 30 wells in the three regions.

The Egyptian General Authority for Petroleum signed two deals with the International Egyptian Oil Company (IEOC), one for drilling four wells in Siwa Oasis and the other for drilling 13 wells in El-Razeq region. Both locations lie in the Western Desert.

The third deal was signed with Merleon Fayoum Company for exploring the Nile Valley area, and the fourth was signed between Egypt's Ganope Petroleum Company, Pacific Oil, and ZNP for exploring in the Gulf of Suez.

Egypt has signed 103 oil agreements with investors since mid-2013, the statement quoted Petroleum Minister Tarek El-Molla as saying.

He added that four more agreements are due to be signed, and nine others were approved by parliament.

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