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Egypt signs new agreements with European oil companies

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Staff Writer | August 15, 2018
Tarek El-Molla
Africa   Minister of Petroleum and Mineral Resources Tarek El-Molla

Egypt's Minister of Petroleum and Mineral Resources Tarek El-Molla signed three agreements today for the exploration of oil and natural gas in the Mediterranean, Western Sahara and Nile Delta.

The agreements were signed for a value of 139.2 million dollars; the first of these was agreed between the Egyptian Natural Gas Company, the Egyptian company Tharwa Petroleum, and the Italian oil and gas multinational Eni to drill two new wells in the Mediterranean Sea of Egypt.

Molla reported that the second agreement was signed with the Egyptian Petroleum Authority, Eni, and the Croatian firm Ina to open nine wells in the area of Raas Qattara, in the western Egyptian desert.

The third contract was made between the Egyptian Petroleum Authority, Eni and the British multinational British Petroleum (BP) to drill four other wells in the Nile Delta.

El-Molla said the oil sector will continue to sign more agreements to attract foreign investment; and noted that Egypt's oil prospects are strong, both in the land sector and in the maritime sector.

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