Petroleum Africa
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Wednesday, August 1, 2018
EGPC signed a new petroleum agreement with BP to explore and produce oil and gas in the northeast of Ramadan. The concession is located in the Gulf of Suez, where BP is committed to investments of around $46 million and a $4 million grant to drill three wells.
Minister of Petroleum Tarek El Molla said that his ministry has an ambitious plan to increase petroleum investments and increase local production of oil and gas.
Earlier this month, the Petroleum Ministry signed three agreements for oil and natural gas exploration and production in North Sinai and the Gulf of Suez. The first agreement was signed with Ganope and the UK’s GHP Corp. to drill six new wells in the western Gebel El-Zeit Concession with total investments of $6 million.
The second agreement was inked with EGPC to search for oil in Ras Fanar Concession in the Gulf of Suez while the third one was signed with EGPC and Perenco Oil and Gas Company for exploring in North Sinai maritime concession.
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