Minister of Petroleum and Mineral Resources Tarek el-Molla signed two new agreements for the exploration of oil and natural gas in Sinai and the Suez Gulf with investments of $65 million.
The minister also signed grants of $3.5 million, an official statement revealed.
The first agreement is signed with General Petroleum Company (GPC) in Sinai to improve its production in the frame of the Ministry of Petroleum’s plans to increase production and support the national companies working in oil and exploration field.
The statement referred that the second agreement was signed with the Petroleum Corporation and Zaafarana Petroleum Company, Oceaneer Zaafarana, and Sahary for Oil and Gas in the Gulf of Suez.
Molla announced that the number of signed petroleum agreements reached 61 new agreements since 2017 with a minimum investment of $14 billion to explore oil and gas in Egypt’s Egypt's land and sea areas.
