Minister of Petroleum and Mineral Resources Tarek El Molla and ADES Drilling Company CEO Mohamed Farouk have witnessed the signing of two agreements for exploratory and production services in some areas of the brownfields in the Gulf of Suez.

The agreements were sealed between the alliance of ADES Drilling Company, Gharib Oil Company, and the two companies Suez Oil Company (SUCO) and Offshore Shukeir Oil Company Company (OSOCO).

The two agreements are the result of the first global auction of its kind proposed by the Egyptian General Petroleum Corporation (EGPC) for brownfields in 2023 in the Gulf of Suez.

The two agreements were signed by Ahmed Mohy, Regional Director of ADES Company; Hossam Awadallah, President of Gharib Oil Company; and Mohamed El Khayat, President of SUCO in the first agreement in the areas of Ras Badran and Gulf el Zeit, and with El-Aasar, President of OSOCO in the second agreement in the areas of Shuqair, Jazurina, Ras El Ash, East Zeit, and Ashrafi.

Following the signing, El Molla confirmed that the two agreements aim to achieve the maximum benefit from brownfields by selecting the best companies that possess advanced capabilities, especially since these areas are still full of promising potential.

El Molla stated that maintaining and increasing production rates in obsolete fields improves economic performance and reduces the import bill, in addition to exploiting the distinguished infrastructure that the two companies possess in their regions.