money and business
Reuters
Egyptian Minister of Petroleum Tarek El Molla signed 9 new agreements with 6 international and Egyptian companies to search for oil and natural gas in the eastern and western Mediterranean regions and regional waters in the Red Sea.
According to the Ministry of Petroleum, the minimum investments that are pumped under the signed agreements are estimated at more than one billion dollars. The agreements aim to drill 17 new exploration wells in the concession areas.
Al-Mulla said in a statement that “the nine new agreements come from among 12 new agreements that the ministry succeeded in reaching during the period of the Corona pandemic, with a minimum investment of about $ 1.4 billion, and aims to drill 23 wells in 9 regions in the eastern and western Mediterranean and 3 regions in the Red Sea,” pointing out that The other three agreements are under signature in the coming period.
Al-Mulla asserted that “the ministry’s new strategy to promote investment opportunities was the secret of its success in attracting new global investments to Egypt in the activities of oil and gas search and the conclusion of new partnerships with giant and major companies in the global petroleum industry, such as Exxon Mobil and Chevron, who enter Egypt for the time.” The first is to invest in oil and gas exploration activities, as well as boosting the business and investments of major international companies currently operating such as Shell, BP and Total in light of new opportunities and promising possibilities in the eastern and western Mediterranean regions and the Red Sea.
Source: The Seventh Day
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