Egypt signs 7 agreements to explore petrol, gas with investments of $162M

CAIRO – 20 February 2019: Seven Agreements were signed to explore petrol and gas with minimum investments of $162 million during 2017/2018, an official source at the Petroleum Authority said.

The source elaborated that procedures of 10 new agreements were completed during July and August 2018, noting that 19 contracts were signed to develop the discovered fields until August 2018 in order to support the targeted plans to increase the production of petrol and gas.

He added that 98 exploratory wells were drilled to support and increase the reserves of the petroleum wealth, of which 58 wells were put on production.

According to the source, the petroleum sector succeeded in securing the market needs of petroleum products, as the average production of crude oil hit 626,000 barrels of crude oil and condensates during a year.

Minister of Petroleum Tarek el-Molla announced earlier that Egypt aims at attracting investments of $10 billion in the petroleum sector during the current year.

Molla added that the first international tender for natural gas exploration in the Red Sea will be floated very soon, pointing out that Egypt's gas production amounts to around 6,400 million cubic feet per day.

Egypt seeks $10B investments in petroleum sector

CAIRO - 6 February 2019: Egypt aims at attracting investments of $10 billion in the petroleum sector during the current year, Minister of Petroleum Tarek el-Molla told news-channel. Molla added that the first international tender for natural gas exploration in the Red Sea will be floated very soon, pointing out that Egypt's gas production amounts to around 6,400 million cubic feet per day.

Previously, Molla said that in the period from 2014 to 2018, Egypt signed 63 petroleum agreements with investments of $14 billion.

The minister reviewed achievements in the sector, saying that the ministry implemented the biggest two projects for collecting geophysical data in areas of the Red Sea and Upper Egypt.

Petroleum minister reviews sector achievements in 4 years

CAIRO - 11 December 2018: In the period from 2014 to 2018, Egypt signed 63 petroleum agreements with investments of $14 billion, Minister of Petroleum Tarek el- Molla said. Molla reviewed achievements in the sector, saying that the ministry implemented the biggest two projects for collecting geophysical data in areas of the Red Sea and Upper Egypt.