Egypt signs exploration agreements with 2 German firms

Drilling rig18 December 2013, Cairo – Egypt’s Minister of Petroleum and Mineral Resources Sherif Ismail on Tuesday signed an agreement with two German companies for oil and gas exploration in the Gulf of Suez at investment costs of about 22 million dollars.

The agreement comes within the framework of several other new oil exploration deals that would reach 21 in number and which Egypt has started to make since 2010.

With the new agreement, the number of pacts signed with international companies hit now 18 at total investment costs of $ 673 million.

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