Egypt signed 9 agreements to explore for oil and gas at about half a billion dollars

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Egyptian Minister of Petroleum and Mineral Resources Tariq Al-Mulla emphasized that the petroleum sector in Egypt continues to sign agreements as one of the main pillars that attract foreign investment.

He added that the agreements aim to intensify research and exploration, oil and gas development and production, and to achieve new oil and gas discoveries that contribute to an effective role in enhancing and maximizing Egypt’s oil and gas reserves.

The statements came during Al-Mulla signing 9 petroleum agreements to search for and produce oil and natural gas in the Mediterranean and Western Sahara regions, with a minimum investment of approximately $ 452.3 million, and includes the drilling of 38 wells.

The details of the agreements are as follows:

– The first agreement in East Horus, Western Sahara, between the Egyptian Ministry, the Egyptian Petroleum Authority, and Shell, with a minimum investment of about $ 24.5 million, to drill 5 wells.

The second agreement in Abu Senan, Western Sahara, between the Ministry, the Authority, and Shell, with a minimum investment of about 7.8 million dollars, to drill 3 wells.

Egypt signed 9 agreements to explore for oil and gas at about half a billion dollars

The third agreement in the Western Fayoum region, Western Sahara, between the Ministry, the Authority and Shell, with a minimum investment of approximately $ 24.7 million, to drill 6 wells.

– The fourth agreement in Badr -2 and Badr-17 in Western Sahara between the ministry, the authority and Shell, with a minimum investment of about $ 60 million, to drill 9 wells.

The Fifth Agreement amending the West Knaiss in the Western Desert between the Ministry, the Authority and the Apache Company, with a minimum investment of approximately $ 5.5 million, to drill two wells.

Egypt signed 9 agreements to explore for oil and gas at about half a billion dollars

– The sixth agreement amending the West Kalabsha region, Western Sahara, between the Ministry, the Authority, and “Apache”, with a minimum investment of about $ 20.8 million, to drill 8 wells.

The seventh agreement in the Al-Fanar Concession area in the Mediterranean between the Ministry and EGAS and Shell and Petronas, with a minimum investment of approximately $ 129 million to drill two wells.

– The eighth agreement in the North Sidi Gaber marine concession area in the Mediterranean between the Ministry, “EGAS”, “Shell” and “Petronas”, with a minimum investment of about $ 180 million to drill 3 wells.

Egypt signed 9 agreements to explore for oil and gas at about half a billion dollars

Cairo – Nasser Hatem

Source: RT

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