Egypt signs two new oil and gas exploration deals

Egypt has signed Monday two oil and gas exploration contracts worth multi million dollars with foreign and Egyptian companies.

Oil Minister Tarek El-Molla has signed the two new agreements for oil and gas exploration in the Gulf of Suez and Western Desert.

The first agreement is for the Haliph area in the Western Desert with the Tunisia’s HBSI, with minimum investments of about $9 million and a signature bonus of $1 million, to drill 4 exploration wells.

This agreement reflects the Tunisian company’s confidence in the potential of the Western Desert, a major focus of its petroleum investments in Egypt, Minister El-Molla said.

Meanwhile, the second agreement was for a contract extension for the state-run Egyptian General Petroleum Corporation (EGPC)’s Gazurina oilfield for an additional 10 years, located to the West of Gamasa Al-Ardiya in the Gulf of Suez.

The agreements were signed by EGPC chairman Mohamed Al-Masry on behalf of EGPC and HBSI’s head Tariq Bouchmawy on behalf of the Tunisian company.

Egypt has signed 63 new agreements so far for oil and gas exploration with international companies, with investments at a minimum of $14.3 billion for the drilling of 268 wells, the country’s minister said following signing the agreements.