Tue. Aug 3rd, 2021

Minister of Petroleum Tarek El-Molla
Minister of Petroleum Tarek El-Molla

Egyptian minister of Petroleum Tarek el Moulla on Wednesday said that four oil agreements were signed for exploration in the Western Desert, the Gulf of Suez and Nile Valley.

In a statement, he added that the total value of the agreements hit 155 million dollars for drilling 30 wells.

He underlined the necessity of the continuation of signing new agreements on oil exploration as the major pillar for oil activities in Egypt for increasing oil and gas production.

President Abdel Fattah El Sisi urged at a recent meeting the continuation and expansion of oil exploration activities, he added.

The four new deals take the number of signed oil agreements up to 103 along with nine others that have been approved by the House of Representatives.

The minister spoke on high expectations of investment in the oil and gas sector of the country in 2019.

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