Three new Petroleum Conventions were signed with major global companies to promote oil and gas exploration and exploration activities in Egypt, with investments exceeding $121 million.
The Engineer, Salah Abdul Karim, Chairman of the Petroleum Authority, and in the presence of the Architect Kerim, Chairman of the Petroleum Authority, signed agreements on research and exploration for petroleum and gas in three important areas, namely, the north of the Navy, the east of Hamad and the Western Sahara.
North Season
The first NAS Convention was signed with Brenco Egypt with investments of $46 million to dig 3 wells.
First Convention, North Sinai Petroleum concession with Perenko Egypt
East Hamad
The second Convention on the East Hamad region was signed with the United Arab Emirates Dragon Oyle in investments of $40.5 million, earmarked for the drilling of 3 wells.
Western Sahara
The third Western Sahara Convention was also signed with Apache Global to add five new research areas within the integrated area of research and development with investments of up to $35 million, including the drilling of 14 wells.
The engineer, Kerim Bedoui, confirmed that these conventions embody the growing confidence of global companies in the investment climate in Egypt.
He also noted that the Ministry had succeeded in bidding and implementing incentive policies, which had contributed to opening new search and exploration prospects and supporting the Ministry ' s plans to increase production and meet the needs of the local market.
Source of news: Official page of the Ministry of Petroleum and Mineral Wealth
