Oil minister Tarek El Molla has signed two oil and gas exploration and production (E&P) agreements in the Sinai and the Gulf of Suez with investments of $65 million and $3.5 signature grant, Egypt Oil & Gas reports.
The first agreement was signed with the General Petroleum Company (GPC) in the Sinai to improve its production. This agreement is part of the Ministry of Petroleum’s plan to increase production and support the work of the national companies in the exploration field.
The second agreement was signed between the Egyptian General Petroleum Corporation (EGPC), PICO Group’s Cheiron, Oceaneer, and Sahara Petroleum Services Company (SAPESCO) to conduct E&P in the Zaafarana area in the Gulf of Suez.
Egypt has now signed 61 E&P deals since 2014, attracting a minimum of $14 billion in outside investment, El Molla said.