Egypt signs new agreement to drill 7 oil wells with investments of $ 9 million

Media In – Cairo 18 July 2018

The Egyptian General Petroleum Corporation and Apache International have signed a new oil and gas exploration and production agreement in the East Sea area of ​​Western Sahara with investments of $ 9 million and a $ 30 million signing grant to drill 7 wells. The Minister of Petroleum and Mineral Resources, Eng. Tariq Al-Mulla, said that the Egyptian petroleum sector is continuing to sign the new petroleum agreements as the cornerstone of the various petroleum activities of research, exploration, development and production, which contributes positively to maximizing Egypt’s reserves and production of petroleum and natural gas. He pointed out that the petroleum agreements contribute to the flow of international investments and confirms the interest of international companies to invest and work in Egypt and that there are still many areas, whether marine or land with good oil potential, which represent promising investment opportunities