Egypt Signs 2 Deals to Explore for Oil & Gas at $1B Investments

Minister of Petroleum and Mineral Resources Tareq el Molla signed two deals with firms from Canada, the UK, the Netherlands, Malaysia and Kuwait to explore for petroleum and gas in two deep-water areas in the Mediterranean and the Western Desert.

The deals include drilling 12 wells at investments of at least $1 billion, the Ministry of Petroleum and Mineral Resources said in a statement.

The ministry revealed that a grant of $2 million will be paid to Cairo upon signing one of the two deals.

Following the inking ceremony, Molla said the petroleum sector will proceed with offering international bids as well as inking new agreements with the aim of boosting Egypt’s resources of petroleum and gas to reduce imports.

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