Egypt signs $1bn oil, gas exploration deals with top firms

Egypt signs $1bn oil, gas exploration deals with top firms

Egypt has signed nine oil and gas exploration agreements worth $1 billion with local and international companies. Exxon Mobil, Chevron and Total are among the signatories.

 

"Egypt seeks luring new international investments in gas and oil exploration, and concluding deals with big companies as a priority," remarked Minister of Petroleum Tarek Al Molla. 

 

Developing many items of the oil deals has contributed a lot to boosting the competitiveness of Egypt as an attractive destination for investments amid stable economic conditions and reform, stated the minister.

 

The nine deals are part of 12-new-agreements that have been targeted since March last year with a minimum investment estimated at $1.4 billion for drilling 23 wells, nine of them offshore the Mediterranean and three in the Red Sea, added Al Molla.-TradeArabia News Service