7 agreements to explore oil, gas signed in Egypt

Big 5

Seven Agreements were signed to explore petrol and gas with minimum investments of $162 million during 2017/2018, an official source at the Petroleum Authority said.

The source elaborated that procedures of 10 new agreements were completed during July and August 2018, noting that 19 contracts were signed to develop the discovered fields until August 2018 in order to support the targeted plans to increase the production of petrol and gas.

He added that 98 exploratory wells were drilled to support and increase the reserves of the petroleum wealth, of which 58 wells were put on production.

According to the source, the petroleum sector succeeded in securing the market needs of petroleum products, as the average production of crude oil hit 626,000 barrels of crude oil and condensates during a year.

Minister of Petroleum Tarek el-Molla announced earlier that Egypt aims at attracting investments of $10 billion in the petroleum sector during the current year.

Molla added that the first international tender for natural gas exploration in the Red Sea will be floated very soon, pointing out that Egypt’s gas production amounts to around 6,400 million cubic feet per day.