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Dubai, United Arab Emirates (CNN) – Egypt has signed 9 agreements with 6 local and international companies for oil and gas exploration in Bahrain, the Red and the Mediterranean.
In a statement to the ministry published by the government newspaper Al-Ahram, Egyptian Minister of Petroleum Tariq Al-Mulla said that the nine agreements come between 12 new agreements that his ministry succeeded in reaching during the period of the Corona pandemic.
Mulla estimated that the minimum investment for these 12 agreements would be approximately $ 1.4 billion. Under it, it aims to drill 23 wells in 9 regions in the eastern and western Mediterranean and 3 regions in the Red Sea.
The Egyptian Minister of Petroleum indicated that the other three agreements will be signed in the coming period.
Al-Mulla said that his ministry’s new strategy to promote investment opportunities was the secret of its success in attracting new global investments to Egypt in oil and gas search activities and forging new partnerships with giant companies in the global oil industry, such as Exxon Mobil and Chevron of the United States, which are entering Egypt for the first time.
The Egyptian Minister of Petroleum pointed to new agreements with companies already operating in his country, such as “Shell, BP and Total,” in addition to the Egyptian “Tharwa” Petroleum Company, which enters into partnerships with other international companies to search for gas in marine areas and deep waters.
Tarek El Molla considered that the reforms of Egyptian President Abdel Fattah El-Sisi and the current climate of stability contributed to supporting the petroleum sector in implementing its strategy to increase Egypt’s production and reserves of crude oil and natural gas.
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