Egypt s minister of petroleum and mineral resources Tarek El-Molla signed three agreements on Tuesday for the exploration of oil and natural gas in the Mediterranean, Western Sahara and Nile Delta regions with investments worth $139.2 million (EGP 2.5 billion)
The first agreement, worth $105 million, was signed between the Egyptian Natural Gas Holding Company (EGAS), Egypt s Tharwa Petroleum, and Italy s multinational gas and oil giant Eni to drill two new wells at Noor Al-Bahareya in Egypt s Mediterranean Sea.
Molla said that the second agreement was signed with the Egyptian Petroleum Authority, Italy s Eni, and Croatia s Ina to drill nine wells in the area of Raas Qattara in Egypt s Western Desert, a total investment worth $11.7 million.
The third agreement was made between the Egyptian Petroleum Authority, Italy s Eni, and British multinational oil company British Petroleum (BP) to drill four wells worth $22.5 million in the Nile Delta.
The minister explained that a $55 million grant will be allocated for digging the 15 new wells.
El-Molla said that the petroleum sector will continue to sign more agreements to attract foreign investments and that Egypt s petroleum prospects both across the land and sea sectors are strong.
