Petroleum Authority, EGPC sign 2 agreements with $4M investments

CAIRO -5 September 2019: the Egyptian Petroleum Authority and Egyptian General Petroleum Corporation (EGPC) signed Thursday, Sept. 5 two agreements to explore oil and gas in Egypt's western desert, according to the Petroleum Ministry.

The ministry clarified that the agreements stipulate drilling four exploratory wells in Southeast Abu Snan and Ras Kattara in Western Sahara with a minimum investment of $4 million.

Minister of Petroleum Tarek el-Molla said that the oil sector aims at focusing on new geological structures with promising prospects in Western desert, which requires increased research and exploration in the region.

Molla added that the ministry is working to encourage Egyptian companies engaged in research and exploration activities,giving them opportunities to expand their activities and strengthen their role in implementing the ministry's work program to develop Egypt's oil and gas resources.

On Sept. 4, Molla witnessed the signing of a memorandum of understanding (MoU) between Egypt and Oman to foster cooperation in the fields of petroleum and natural gas. The MoU included exchanging expertise and technologies, in addition to cooperating and investing in manufacturing petroleum and natural gas.