Egypt signs new agreements with European oil companiesStaff Writer | August 15, 2018
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.
Africa Minister of Petroleum and Mineral Resources Tarek El-Molla
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. ■