Egypt signs three $265m oil, gas exploration deals

Brent crude oil17 February 2014, Cairo – The Egyptian Natural Gas Holding Company (EGAS) has signed  three 265-million-dollar contracts for oil and natural gas exploration with three companies from UAE, Ireland, and Italy.

Upon the deals, oil and gas exploration will be carried out in northern Arish and southern the Delta city of Edco and eight wells will be drilled in several sites there.

“The only way we can increase rates of production and our reserves of crude oil and natural gas is through international tenders and signing exploration agreements,” Minister of Petroleum Sherif Ismail , who signed the deals, said, revealing that international bids is an effective way to attract foreign investments to Egypt.

The latest deals put the number of contracts signed by the oil sector to 26 with total investments of 1.1 billion dollars.

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