Egypt Signs 12 Agreements with IOCs in 2018: El Molla

Egypt Signs 12 Agreements with IOCs in 2018: El Molla

Egypt signed over 12 exploration and production (E&P) agreements with international oil companies (IOCs) during 2018, Minister of Petroleum Tarek El Molla said, according to Akhbar El Yom Newspaper.

Egypt launched two E&P outbiddings for the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian General Petroleum Corporation (EGPC), El Molla noted.

Egypt will launch a third tender soon, according to the minister.

The minister’s comments came during a phone interview with Ten TV channel.

Upon launching the first phase of Zohr field, natural gas production increased by 6 times, helping Egypt achieve self-sufficiency in September 2018, El Molla pointed out.

The minister has previously stated that Egypt has signed 63 petroleum agreements over the past four years with around $14 billion of investment, Egypt Oil & Gas reported.

Sarah Samir 3055 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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