Oil Egypt accountACCOUNT King Tut

Egypt & BP Sign New Oil Exploration Agreement in Gulf of Suez

Source: Ahram Online 7/30/2018, Location: Egypt

Share |
The Egyptian General Petroleum Corporation has signed an agreement with British Petroleum to drill in the Gulf of Suez region, Al-Ahramís Arabic website reported.

The agreement was signed by Abed Ezz El-Regal, CEO of the Egyptian General Petroleum Corporation, and Hesham Mekkawy, regional president of BP, North Africa.

Exploration will take place at North-East Ramadan in the Gulf of the Suez region, with $46 million investment and a $4 million grant to dig three wells.

Minister of Petroleum and Mineral Resources Tarek El-Molla said at a press conference that the ministry has ambitious plans to raise investment in the petroleum sector in Egypt, which will increase the domestic production of petrol and natural gas, as well as increasing the country's reserves.

He said that the new agreement is a result of the global bidding for oil exploration issued by the Egyptian General Petroleum Corporation in 2016.

This agreement is the 88th since 2014, and the EGPC is working on signing 13 more.

BP CEO Bob Dudley said earlier this year the company is looking to invest over $1 billion (EGP 721.66 million) in Egypt this year.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

Egypt >>  7/8/2019 - Highlights ...
Egypt >>  7/2/2019 - Israelís Delek Drilling said it has completed testing of a subsea natural gas pipeline to Egypt, but it did not begin commercial sales by the end of J...

Egypt >>  7/1/2019 - Egypt's Petroleum Minister Tarek el Molla reviewed with head of Schlumberger oil field services company for the Northern Middle East Region Maan Rezou...
Egypt >>  6/29/2019 - Dana Gas PJSC has received payments of $48 million (AED 177 million) from its operations in Egypt in June. These collections comprise $38 million in p...

Egypt >>  6/26/2019 - SDX Energy plc, the North Africa focused oil and gas company, is pleased to announce that an oil discovery has been made at its Rabul-7 development we...
Egypt >>  6/24/2019 - ADES International Holding PLC (ADES), a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA) throug...

Related Categories: Artificial Lift  Cementing, Stimulation  Drilling  Drilling Engineering & Equipment Systems  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 

Related Articles: Drilling  Drilling Engineering & Equipment Systems  General  Logging, Perforating, Testing  Offshore Drilling  Workover & Well Services  Workover Rigs/Services 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us