clear

Creating new perspectives since 2009

Egypt signed oil agreements worth $14.3bn since 2013

February 1, 2016 at 10:19 am

Egyptian Mineral Resources Authority (EMRA) announced yesterday that it has signed 64 agreements worth $14.3 billion between November 2013 and January 2016, Felesteen newspaper reported.

The ministry also said it signed agreements worth $977.3 million to search for new oil wells in the Suez.

The announcements were made on the margins of signing a new oil agreement by the Egyptian Petroleum and Mineral Resources Minister Tariq Al-Mullah between the South Valley Holding Company for Petroleum and the Egyptian Trident Petroleum Company.

The new agreement is to search for oil and dig new wells in the area of the Suez Gulf in Egypt.

Al-Mullah added: “The continuous signing of agreements by the Egyptian oil sector despite the decline in oil prices is proof that Egypt is still attractive for oil investment.”