The Minister of Petroleum and Mineral Resources, Tarek El Molla, signed two new exploration and production (E&P) agreements with ExxonMobil and the Egyptian Natural Gas Holding Company (EGAS), according to a press release.

The two agreements are worth $332 million, with a signature bonus of around $17 million to drill seven wells.

The signature was conducted between El Molla; EGAS Chairman, Osama El Bakly; and the East Mediterranean Exploration Manager at ExxonMobil, Don Bagley, in the presence of other petroleum leaders.

The first agreement was signed for conducting E&P activities in the East Ameryah offshore with investments reaching around $220 million and a signature bonus of $10 million to drill four wells. Meanwhile, the second one was signed for E&P activities in North Marakia offshore with investments worth $112 million and a signature bonus of around $7 million to drill three wells.

El Molla remarked that ExxonMobil is a strategic partner to the Egyptian oil and gas sector; hence, its return to invest in Egypt represents an added value to the Egyptian sector’s success. This is because ExxonMobil is distinguished by its fast and advanced performance, as well as maintaining high levels of safety in its operations, he added.

Additionally, the minister pointed out that signing numerous petroleum agreements will help intensify the E&P activities in Egypt and develop the production of oil and gas, which will help the country to be able to achieve more discoveries to enhance production rates and reserves.

El Molla noted that the number of signed agreements by the ministry since 2014 reached around 82 agreements, with investments worth $16 billion.