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Egypt approves 4 oil & gas exploration agreements worth $230 million

Posted: December 30, 2017 at 6:11 pm   /   by   /   comments (2)

MOP Tarek El-Molla

The Egyptian cabinet approved during its Thursday meeting four new oil and gas exploration agreements worth $230 million according to the Minister of Petroleum Tarek el-Molla announced.

Two of the four agreements are related to the Egyptian General Petroleum Corporation (EGPC) for exploration in the Red Sea and Western Desert areas, while the other two are related to South Valley Petroleum Holding Company (Ganope).

“The agreements include drilling 17 new wells,” Molla added in a cabinet press conference.

The Ministry of Petroleum launched a sector development program that aims to develop oil and gas exploration, discovery and production, attract foreign investments, restructure the sector’s companies, develop petrochemicals and refineries industries, and improve skills of human resources.

(Source: Amwal Al Ghad)

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  • December 30, 2017 at 6:54 pm SAYED MATBOULY

    Please, can you specify the names of these new concession agreements and their companies.
    Thanks

    Reply
    • December 31, 2017 at 10:53 am Energy Egypt

      The article does not specify concessions or companies by name. It only states “Two of the four agreements are related to the Egyptian General Petroleum Corporation (EGPC) for exploration in the Red Sea and Western Desert areas, while the other two are related to South Valley Petroleum Holding Company (Ganope).”
      -ed

      Reply