Egypt Signs New Exploration Agreements

Sunday, December 31, 2017

The Ministry of Petroleum in Egypt approved four new oil and gas exploration agreements on December 28. According to the country’s Minister of Petroleum, Tarek El Molla, the agreements were worth a combined $230 million.

Two of the four agreements are under EGPC’s remit for exploration in the Red Sea and Western Desert areas, while the other two are within Ganope’s exploration territory in Upper Egypt.

Under the agreements at least 17 new wells will be drilled.

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