New Petroleum Pacts

Source: Al-Ahram 1/11/2014, Location: Africa

President Adli Mansour has issued decrees approving eight new agreements for oil and gas exploration with investments worth $1.2 billion. Seven of the agreements, made by the Egyptian Natural Gas Holding Company (EGAS), were with Emirati, Italian, English, Irish and Canadian companies, in addition to a further amended existing agreement.

The new agreements are set to search for oil and gas in the Mediterranean, the Nile Delta and the Gulf of Suez. These areas were selected by EGAS for the drilling of a minimum of 17 new wells during a three-year period of research.

Mansour had previously issued 21 decrees for petroleum agreements for oil and gas exploration with international companies, with investments of a minimum of $713 million and the drilling of 109 wells.

In November, Minister of Petroleum Sherif Ismail signed nine crude oil and natural gas exploration agreements in the Gulf of Suez, Sinai and the eastern and western deserts that required minimum investments of $470 million and the drilling of 15 wells.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects


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