Egypt’s Petroleum Ministry will sign within few days a new agreement in oil and natural-gas exploration field in Gulf of Suez with a minimum of $9.5 million in investments.
According to Mostafa Safwat – Chairman of state-owned Ganoub El-Wadi Petroleum Holding Co. (Ganope), the contract will be signed with UAE’s Vega Petroleum Pvt. Ltd.
The Egyptian official further told Amwal Al Ghad that the contract is to explore for oil in Southwest Gebel El-Zeit (SWGEZ) offshore field located in the Gulf of Suez, over an area of 69 km.
In addition, this contract also includes drilling two wells.