Egypt Signs $1 Bn Oil, Gas Exploration Deals
Faizan Hashmi Published January 02, 2021 | 01:00 AM
CAIRO, (UrduPoint / Pakistan Point News / WAM - 02nd Jan, 2021) Egypt's Minister of Petroleum on Friday said nine $1 bn new oil & gas exploration agreements were signed with local and international companies.
The exploration will cover regions in the east and west of the Mediterranean Sea and regional waters of the Red Sea with six large companies for drilling 17 wells, Tarek al-Molla said in a statement.
"Egypt seeks luring new international investments in gas and oil exploration, and concluding deals with big companies as a priority," he added.
He noted that developing many items of the oil deals has contributed a lot to boosting the competitiveness of Egypt as an attractive destination for investments amid stable economic conditions and reform.
The nine deals are part of 12-new-agreements that have been targeted since March 2020 with a minimum investment estimated at $1.4 billion for drilling 23 wells, nine of them offshore the Mediterranean and three in the Red Sea, the minister of oil added.
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago