Continental Focus, International Reach

Egypt and DEA Sign Investment Deal

Sunday, March 10, 2019

German firm DEA and the Petroleum Minister of Egypt, Tarek El Molla, signed an investment deal worth $20 million. According to a Ministry statement, the agreement covers the exploration of the Ras Badran and Khaleeq el Zeit concessions in the Gulf of Suez.

The agreement is aimed at implementing development programs and increasing petroleum production.

The agreement stipulates the commitment of DEA to carry out drilling activities and development of production facilities, operation and maintenance of the extraction plant in the Gulf of Suez. The entire production of butane will be transferred to the Petroleum Authority.

El Molla said that the petroleum sector has adopted an all-out strategy to encourage energy investments and guarantee security and energy sustainability for the North African country.

He further referred to the keenness of DEA and international companies to pump more investments into Egypt which proves the foreign partners’ confidence in the Egyptian petroleum sector and its great potential to boost production through new discoveries.

He added that the Ministry will sign more agreements to boost investments.

DEA director general in Egypt, Sameh Sabry, said his company plans to pump $700 million in investments into Egypt’s petroleum sector over the next three years.