Media ININ Economy We Trust
Cairo 23 November 2019
The Egyptian Ministry of Petroleum and Mineral Resources announced the realization of 14 new discoveries “4 gases and 10 oils” in Western Sahara, Eastern Desert, Gulf of Suez, Nile Delta and Mediterranean Sea.
This came in a report distributed today on the most important results achieved in the activities of development and production of oil and gas resources during the period ‘July / September’ of the current fiscal year 2019/2020.
The report said that three new oil agreements were signed, including two agreements for the Petroleum Authority in the areas of “South East Abu Sinan – southeast of Ras Qattara” in the Western Sahara region with a minimum investment of about $ 4 million and drilling 4 wells and an agreement for the General Petroleum Company in the “Khair” area in the Eastern Desert. 6 development contracts were also signed in South Desouk, Eastern Maritime, Khalida, West Knais and North Salhia by granting about $ 2 million.
Measures are underway to issue 25 oil commitment agreements with a total non-refundable signature grant of more than $ 281 million, a minimum investment of about $ 2.43 billion and drilling of 150 wells.
The report pointed out that the production of sold natural gas amounted to about 13 million tons, an increase of 6% over the same period of the previous year, due to the entry of a number of gas field development projects on production, which positively impacted the increase in production rates, namely the development of the field of Zohr field in the Mediterranean and the southwest region. Baltim, North Alexandria and Desouk Fields Phase B
