Egypt to boost oil drilling rates by signing 10 new agreements

Egyptian petroleum sector is currently finishing a number of agreements to boost rates of oil and gas exploration and drilling, Minister Tarek El-Molla told Amwal Al Ghad Sunday.

He added that the upcoming period is set to witness finishing procedures of around 10 new oil agreements to be ready for signing.

The minister said that the sector has finished inking around 64 agreements with investments of US$14.3 billion since 2013 until now.

El-Molla clarified that signing more agreements and issuing a number of areas to be discovered and explored will participate in boosting production and drilling rates. Hence, preventing the gradual decrease in production rates.

Egyptian petroleum sector is exerting efforts to execute development projects of oil and gas fields as soon as possible , amend gas price in some agreements, in addition to issuing new auctions to boost exploration and discovery works.

El-Molla noted that Egypt owns a lot of areas that have many oil fields and wells that represent investments opportunities towards foreign firms.