Egypt Inks 5 Oil and Gas Exploration Deals Worth $115.5 mln

Egyptian Minister of Petroleum & Mineral Resources Sherif Ismail signed five new agreements with two Canadian and Greek oil giants in the petroleum and natural gas exploration domain at 115.5-million-dollar investments.

The agreements were signed with Canada’s TransGlobe Energy (TGA) and Greece’s Vegas Oil and Gas to explore oil and gas in Sinai and western and eastern deserts.

The five deals are part of 21 petroleum agreements that the ministry started to sign them with world companies, the minister said.

Ismail said he signed nine agreements last week, adding the number of signed deals reached 14 agreements with 585-million-dollar investments.

The deals aim to boost petroleum investments and increase the country’s reserves of gas and oil.

Source: All Africa