Egypt signs $43M oil exploration deal with EGAS, Wintershall Dea – Egypttoday

Egypt signs $43M oil exploration deal with EGAS, Wintershall Dea – Egypttoday

CAIRO - 11 February 2020: Minister of Petroleum and Mineral Resources Tarek el-Molla signed a new agreement to search for and produce oil and natural gas in eastern Damanhur area in the Nile Delta with minimum investment of $43 million and $11 million grants to drill eight wells.. The new agreement was signed with the Egyptian Holding Company for Natural Gases "EGAS" and the German company Wintershall Dea, the ministry clarified in a statement.. Molla said that the agreement is the first for the German company in Egypt after the merge between Wintershall and Dea company.. "With the signing of this agreement, the number of petroleum agreements concluded by the Ministry of Petroleum with investors and partners during the past 4 years amounts to 61 agreements with a minimum investment of approximately $6 billion to dig 230 wells," Molla stated.. Egypt climbs 6 spots in Agility Emerging Markets Index 2020. Gov't is keen on supporting German investments in Egypt: PM.