M a r k e t N e w s

Egypt: Petroleum Min. Witnesses Signing 2 Deals for Oil, Gas Exploration

Posted on : Thursday , 10th December 2015

Minister of Petroleum and Mineral Wealth Tarek el-Mollah witnessed on Monday 7/12/2015 the signing of two agreements for gas and oil exploration in the Suez Gulf region and Western desert.

 
The first agreement was signed with Tunisia's HPS Company with investments amounting to $9 million and signing grant of $1 million in Halif district in Egypt's western desert to dig out four oil wells.
 
The second agreement extends a previous contract assigning the Egyptian General Petroleum Corporation (EGPC) to develop Gazorina oil field in Gamsa district in the Gulf Suez. The two agreements were signed by HPS Chairman Tareq Bushmawi and Head of EGPC Mohammad El-Masri respectively.
 
Following the signing ceremony, el-Molla said that the ministry has recently signed 63 new agreements for gas and oil exploration with international companies with total investments of $14.3 billion to dig out 268 wells.
 
The minister pointed out that the ministry's focus is to increase productivity and reserve rates of Egypt to secure the energy needs of the local market.

Source : allafrica.com
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