Signing Three Petroleum Agreements with Investments of $ 595m

Eng.Tarek El Molla, Minister of Petroleum and Mineral Resources signed 3 petroleum agreements for EGPC with the Italian IEOC and the English BP for natural gas and oil exploration and production in the concession areas of Nile Delta , Temsah offshore, Ras El Barr with minimum investments of about $ 595 million, as well as the drilling of 12 new wells to produce more than 1 billion cubic feet per day of gas.

The first agreement is in the Nile Delta area with investments of $ 450 million, the second is in Temsah concession area at the Nile Delta with investments of $ 85 million, and the third is in Ras El Bar marine at the Nile Delta area with investments of $ 60 million .

After signing the agreements, the Minister stated that inking these petroleum agreements will pave the way for the flow of global investments to Egypt, intensifying oil and gas exploration activities and increasing reserves as well as production rates. Moreover, he added that these agreements are reflected positively through the achieved discoveries, stand as a clear indication that Egypt’s petroleum potentials are still promising.

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