Today, Friday, the Egyptian Ministry of Petroleum said that Minister Tarek El Molla signed 9 new agreements to explore for oil and natural gas in the eastern and western Mediterranean and regional waters in the Red Sea with 6 international and Egyptian companies, with a minimum investment of more than one billion dollars.
The ministry added – in a press statement – that the agreements are aimed at digging 17 new exploration wells in the concession areas.
The companies with which the agreements have been signed are: “ExxonMobil”, “Chevron”, Tharwa Petroleum of Egypt, “BP”, “Total” (TOTAL) and its partners are “Shell” ( Shell, Kuwait’s KUFPEC, and Sarwa.
The minister said that the nine new agreements come among 12 new agreements that the ministry succeeded in reaching during the Corona pandemic, with a minimum investment of about $ 1.4 billion, and aims to drill 23 wells in 9 regions in the eastern and western Mediterranean and 3 regions in the Red Sea, pointing out that the three agreements The other is under signature in the near future.
Al-Mulla added that the Ministry of Petroleum’s new strategy to promote investment opportunities was the secret of its success in attracting new international investments to Egypt.