Egypt signs 86 agreements with int'l oil companies in 6 years with investment of $15B

CAIRO – 11 November 2020: During the past six years, 86 agreements were signed with international oil companies, with a commitment to spend about $15 billion, according to Minister of Petroleum Tarek el-Molla.

Molla added Wednesday that 14 new agreements were signed in several concession areas throughout Egypt during the period from March to October 2020

He noted that production rates jumped to the highest level in Egypt's history, reaching 1.9 million barrels of oil equivalent per day in August 2019.

The minister expressed his pride that the reforms that were implemented in the oil and gas sector had already succeeded, and their promising results appeared in the Egyptian economy, with a total investment of LE 1.2 trillion during the period from 2014 to 2020.

He pointed out that the ministry is about to launch the Egypt portal for research and exploration, which is an electronic platform to ensure the transparency and clarity of Egypt's geological data, to promote the auctions made by the Egyptian oil and gas sector in the field of research and exploration.

“In 2019, two of the largest global companies were attracted, namely Chevron and ExxonMobil, to increase the number of international companies operating in the field of oil research and exploration to reach more than 60 companies working in 164 concession areas,” he pointed.