Continental Focus, International Reach

Law Number 9 Paves Way for Gulf of Suez Activity

Tuesday, May 14, 2019

In Egypt DEA saw its agreement to explore and produce oil on the Ras Budran and El Zeit oil fields in the Gulf of Suez given the green light by Egyptian President Abdel Fattah El Sisi.

The approval came in the form of law number 9 for 2019, which allowed Minister of Petroleum, Tarek El Molla, to proceed with the exploration and production agreement made with EGPC and DEA, according to an Amwal Al Ghad report

The agreement, signed in March, is aimed at DEA conducting development programs to boost oil production. The company will invest a minimum of $20 million under the agreement.