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Photo of the signing ceremony

New $9m oil investment agreement

Wed, July 18, 2018 12:23

CAIRO, July 18 ,2018 (MENA) - The Petroleum Ministry announced Wednesday that a new agreement to drill seven oil wells in the East Bahariya concession in the Western Desert was signed, with 9-million-dollar investments and a signature grant worth 30 million dollars.

The agreement was signed by Chairman of the Egyptian General Petroleum Corporation (EGPC) Abed Ezz el Regal and Apache Egypt Regional Vice President and General Manager David Chi.

Nearly 87 new oil and gas exploration agreements have been signed since 2014, the ministry said in a press release.

In a statement on Wednesday, Petroleum Minister Tareq el Molla said that the petroleum sector is currently finalizing the procedures of signing 14 new agreements.

The new agreements will lure more FDIs to Egypt, he said, stressing that there are still promising investment opportunities in the country.

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