$40 million.. Egypt signs 5 agreements to search for oil in 2023
Egypt signs 5 agreements to search for oil and gas in 2023,with investments of a minimum of $40.
Shrouq
The second day of the Egypt International Petroleum Conference and Exhibition (EGYPS 2023) witnessed the signing of Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, on 5 agreements with national and international companies.
The agreements seek to search for oil and gas and produce them in 4 areas in the Western Desert and North Sinai offshore in the Mediterranean, with investments of a minimum of $40 million and drilling 11 new wells.
Detaille of agreements
An agreement with an Egyptian company to search for oil and gas in the Western Desert, between Petroleum Authority with the Egyptian National Petroleum Exploration and Development Company.
The agreement Encouraging national companies to search and explore for oil and gas, as the company will implement an intensive work program in the region that includes drilling 3 exploratory wells with a minimum investment of about $7 million.
The second agreement signed by the Authority with Kuwait Energy Company in the Burj Al Arab development area in the Western Desert, the agreement includes drilling two wells with a minimum investment of about $4 million.
The third agreement in the eastern region of Bir al-Nuss in the Western Desert between the authority and the two international companies, Energy and INA Industry Nafta, among the areas that were awarded in the global bid of the authority.
The fourth agreement with the Italian company Eni in the southwest region of Maliha, Western Desert, to pump new investments from the Italian company in the region to exploit promising opportunities. With a minimum investment of about $7 million and drilling two exploratory wells within the framework of the commitments of the agreement, With a minimum investment of $14 million and a signing bonus of $2 million
The fifth agreement with Brinco Company in the North Sinai offshore region in the Mediterranean Sea to pump more investments on the part of the company in a new area for research and exploration of natural laurel. With a minimum investment of $8 million for research operations and drilling a new exploration well
