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, January 2, 2021)
