A press release to Egypt Oil&Gas stated that the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, received the Head of Hydrocarbon Activities at the Cypriot Ministry of Energy, Stelios Nakulides. The meeting was attended by Cypriot Ambassador to Egypt and the Ministry of Petroleum’s First Undersecretary of Agreements and Discovery, Ashraf Farag, as well as the Egyptian Natural Gas Holding Company’s (EGAS)’s CEO, Mohamed Al Masry. In the meeting the Egyptian and Cypriot sides discussed ways of making the best use of petroleum resources and how to develop the two countries oil and gas assets. Additionally, they reviewed the recent gas discoveries in Egypt and Cyprus and ways to get best economic benefits from them.

El Molla stated that during the meeting, both the Egyptian and Cypriot sides discussed the memorandum of understandings (MoU) between the two countries. This included mutual cooperation in the fields of exploration and discovery of oil and gas, as well as exchanging operational expertise. El Molla added that the talks between Egypt and Cyprus ministries, as well as the expertise, led to boosting the cooperation and work between the two nations in order to affect economy.

Meanwhile, Nakulides explained the results of the international tender launched by Cyprus recently to explore gas which led to granting three concessions in the Mediterranean Cypriot waters to Exxon Mobil, Total and Eni.