Minister of Petroleum and Mineral Resources Tarek El-Molla said that the oil sector continues to sign more new oil and gas agreements as one of the main pillars of attracting foreign investment to intensify research and exploration, in addition to development and production of oil and gas.
This came during the signing by the Minister of Petroleum of nine agreements to search for oil and natural gas in the Mediterranean and Western Desert regions, at a minimum investment of about $452.3m, along with signing grants worth $84m, which includes drilling 38 wells.
El-Molla said the ministry’s strategy aimed to launch new global auctions during the coming period and conclude more oil agreements, pointing out that with the signing of these nine agreements, the number of deals concluded by the Ministry with investors and partners since July 2014 now reach 79, as well as four other new agreements that were approved by the House of Representatives, to be later signed.
The first agreement in the East Horus region, Western Desert, is with the Egyptian General Petroleum Corporation (EGPC) and Shell, comes at a minimum investment of approximately $24.5m, and a signature grant of $23m to drill five wells.
The second agreement in the area of Abu Senan, Western Desert, with the EGPC and Shell, at a minimum investment of approximately $8.7m and a signature grant of $1m to drill three wells.
As for the third agreement, it is in the Western Fayoum region in the Western Desert with the EGPC and Shell, at a minimum investment of about $24.7m and a signature grant of $27m for drilling six wells.
The fourth agreement in Badr -2 and Badr-17 in Western Desert with the EGPC and Shell, at a minimum investment of about $60m and a $10m signature grant to drill nine wells.
The fifth agreement is an amendment in the Western Knaiss region, Western Desert with the EGPC and Apache at a minimum investment of about $5.5m and a signature grant of $4m to drill two wells, while the sixth agreement is an amendment in the West Kalabsha region of the Western Desert with the EGPC and Apache at minimum investment of about $20.8m and a signature grant of $6m to drill eight wells.
The seventh agreement for the Al-Fanar concession area in the Mediterranean, with EGAS, Shell, and Petronas, at a minimum investment of approximately $129m and a signature grant of $3m to drill two wells.
The eighth agreement in the North Sidi Gaber marine concession area in the Mediterranean with EGAS, Shell, and Petronas, at ma inimum investment of about $180m and a signature grant of $10m to drill three wells.
The ninth agreement for adjusting the price of gas in the Mediterranean concession zone, will be in the Mediterranean, with EGAS, Shell, and BP.
