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Egypt signs 3 oil, gas exploration deals

Suez canal [Wikipedia]
Suez canal [Wikipedia]

Egypt’s Ministry of Petroleum and Mineral Resources yesterday announced the signing of three new agreements for oil and natural gas exploration in the north of the country’s Sinai Peninsula as well as the Gulf of Suez, local media has reported.

According to a ministry statement, the first agreement was signed with Britain’s GHP Corporation to dig four new wells in Egypt’s western Gebel El-Zeit Concession with total investments of $6 million.

The second agreement, the ministry added, was signed with Perenco Oil and Gas, a UK company headquartered in London, to search for oil in Sinai’s northern maritime concession. The third contract was signed with Egyptian General Petroleum Corporation (EGPC) to search for oil and gas in the Gulf of Suez. The ministry did not provide details about the value of the two agreements.

Egyptian petroleum minister, Tarek El-Molla, recently revealed that the country had signed a total of 83 oil and gas exploration agreements since November 2013.

Read: Egypt mulls implications of oil price surge