Petroleum Ministry Signs 9 Exploration Agreements Worth $ 452M

Petroleum Minister Tarek el Mulla signed nine agreements on oil and gas exploration in the Mediterranean and Western Desert with total investments of dollars 452.3 million.

The agreements, which were signed with officials of four international petroleum companies, include grants worth dollars 84 million to be allocated to the drilling of 38 wells.

The strategy of the Petroleum Ministry targets tendering more global bids throughout the coming period along with sealing more oil deals, said minister Mulla.

The latest deals take the number of agreements signed between the ministry, its partners and investors since July 2014 to 79 oil deals along with four new agreements endorsed by the House of Representatives and set to be signed later, the minister added.

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