Egypt inks $15bn-oil deals in three years; minister says

Egyptian Petroleum Ministry has signed around 70 new agreements with investments worth US$15 billion during the last three years, Minister Tarek El-Molla stated Monday in a press release.

He added that oil sector’s strategy relies on a number of axes notably raising Egypt’s production and reserve of oil and gas through developing gas discoveries in the Mediterranean Sea, Nile Delta, and north Alexandria.

According to official statements released by the ministry, Egypt achieved four oil discoveries for Italy’s Eni, Ganoub El Wadi Petroleum Holding Company, General Petroleum Company – GPC, and UK BP in 2015.

Moreover, El-Molla clarified that the ministry made new expansions in Egyptian refineries with investments estimated at US$8 billion to boost local production of petrol, diesel, and butane by 60 percent .

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