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Egypt signs petroleum agreements totalling $14.3 billion

Areas of focus are the Western Sahara and Gulf of Suez region

The Egyptian government announced that it has increased its petroleum agreements to 63, with a total estimated investment of $ 14.3 billion, reports alarabiya.net.

Eng Tariq Al-Mulla, the Egyptian minister of petroleum and mineral resources, signed two new agreements on behalf of the Egyptian General Petroleum Corporation (EGPC) for exploring oil and gas resources in the Gulf of Suez and the Western Sahara.

The first agreement signed by the EGPC is with Tunisian HPS in the Western Desert, with investments of $9 million to drill four wells and a $1m grant agreement for drilling four new exploration wells in the region.

This agreement reflects the Tunisian company’s confidence in the possibilities in the Western Sahara region, which is a major centre for investment in Egypt.

The second agreement aims to extend EGPC’s contract of developing the Gazorina Field in the Gulf of Suez area for another ten years.

($1 = AED3.67, at the time of publishing)