CAIRO – March 7, 2019: Minister of Petroleum Tarek el-Molla signed a new petroleum agreement with German company DEA, with $ 20 million worth of investment.
Petroleum Ministry clarified in a statement Thursday that the agreement is to explore oil and gas in Ras Badran and Khaleeg el Zeit in the Suez Gulf to implement development programs and increase petroleum production.
The agreement stipulates the commitment of the German company to carry out drilling activities and development of production facilities, operation and maintenance of the extraction plant in the Gulf of Suez; the whole production of Butane will be transferred to the Petroleum Authority.
Molla said that the petroleum sector adopts an all-out strategy to encourage energy investments, and guarantee security and energy sustainability.
He further referred to the keenness of DEA and international companies to the Egyptian secretaries of the Egyptian market and its potential potentials to boost production through new discoveries.
The Minister noted that the fruitful partnership with DEA has lasted for more than 45 years and contributed to the production of gas and petrol in its operation areas.
He added that the ministry will sign more agreements to boost investments.
For his part, the DEA general director in Egypt Sameh Sabry said Egypt's efforts to develop the sector managed to lure investments, adding that DEA Company injected about $ 800 million in the Gulf of Suez, Desouq and northern Alexandria in 2017 and 2018.
He added that the company plans to pump additional $ 700 million- investments within the coming three years.
Earlier, an official source at the Petroleum Authority, said that the volume of oil and gas was $ 5.7 billion.
Volume of joint foreign investments in petroleum sector hits $ 5.7B
CAIRO – 25 February 2019: The volume of joint oil sales was pumped during the year 2018 in the petroleum sector recorded $ 5.7 billion, an official source at the Petroleum Authority said. The source said $ 3.2 billion was invested in oil and gas, adding $ 1.6 billion.
Also, an official source at the Petroleum Authority said that seven agreements have been signed to explore petroleum and gas with a minimum of $ 162 million during 2017/2018.
The source elaborated that the procedures were completed in July and August 2018, and that it was signed in August 2018 in order to support the plans to increase the production of petrol and gas.
Egypt signs 7 agreements to explore petrol, with $ 162M
CAIRO – 20 February 2019: Seven Agreements have been signed to explore petrol and gas with a minimum of $ 162 million during 2017/2018, an official source at the Petroleum Authority said.