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Minister: Egypt signs 4 oil, gas deals worth $155 million

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Christian Fernsby ▼ | December 26, 2019
Egypt's Minister of Petroleum Tarek al-Molla said four new $155 million agreements were signed with local and international companies for exploration of oil and natural gas.
Tarek al-Molla
Energy in Africa   Tarek al-Molla
The exploration works will take place in the Western Desert, the Gulf of Suez and Nile Valley for drilling 30 wells, al-Molla added in statement.

Topics: Egypt oil gas

He highlighted the importance of signing new agreements on oil and gas exploration as "the major pillar for oil activities in Egypt."

Such deals will ensure increasing and maximizing the oil and gas production that is considered "as a vital sector for luring foreign investments and boosting the national economy."

He added that 103 oil deals have been signed since 2013.