New agreement to dig 7 wells in Western Desert, at investments worth $9M

CAIRO - 18 July 2018: The Petroleum Ministry announced Wednesday that a new agreement to drill seven oil wells in the East Bahariya concession in the Western Desert was signed, with 9-million-dollar investments and a signature grant worth 30 million dollars.

The agreement was signed by CEO of the Egyptian General Petroleum Corporation (EGPC) Abed Ezz el Regal and Apache Egypt Regional Vice President and General Manager David Chi.

Nearly 87 new oil and gas exploration agreements have been signed since 2014, the ministry said in a press release.

In a statement on Wednesday, Petroleum Minister Tarek el Molla said that the petroleum sector is currently finalizing the procedures of signing 14 new agreements.

The new agreements will lure more FDIs to Egypt, he said, stressing that there are still promising investment opportunities in the country.