Egypt signs 4 new oil deals totalling $155 million

Uncategorized Faizah Kamal 26-Dec-2019

On December 25, Egyptian minister of Petroleum Tarek el Moulla said that four oil agreements were signed for exploration in Egypt’s Western Desert, Gulf of Suez and Nile Valley.

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

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

He also said that at a recent meeting, Egyptian president Abdel Fattah El Sisi encouraged the continuation and expansion of oil exploration activities.