Egypt’s Oil Minister Sherif Ismael signed an agreement Tuesday with Tharwa Petroleum for oil and gas explorations in Abu Snan located in Western Desert, with minimum investments of US$15 million. This comes in addition to a grant of US$5 million to dig four wells.
The agreement was signed by the Egyptian minister alongside Eng. Tareq Al-Mula – President of the Egypt General Petroleum Corporation (EGPC), and Raafat El Beltagy – Chairamn of Tharwa Petroleum Company.
Minister Ismael said the agreement will motivate national companies operating in exploration to increase its activity and contribution in the petroleum sector in light of the promising opportunities in the Egyptian petroleum regions.