Egypt Strikes Lucrative Deals for Oil Exploration
Egypt's oil ministry has signed five agreements with foreign firms for oil exploration in the Western Desert, Gulf of Suez, and North Damietta in the Mediterranean Sea. These deals are valued at a minimum of $221.23 million, marking a significant boost in the country's energy sector.
- Country:
- Egypt
In a significant move for its energy sector, Egypt's oil ministry announced on Wednesday the signing of five agreements with several unnamed foreign companies. The deals, aimed at exploration of oil reserves, cover regions in the Western Desert and the Gulf of Suez, according to the country's cabinet.
The agreements, which also encompass gas and crude oil exploration in North Damietta in the Mediterranean Sea, signify substantial foreign investment. The total value of these ventures is estimated at a minimum of $221.23 million.
This development underscores Egypt's ongoing efforts to enhance its oil and gas production, reinforcing its position as a key player in the regional energy market.
(With inputs from agencies.)
Advertisement
Google News