Oil minister witnesses signing of 2 deals for oil, gas exploration in Suez Gulf, Western desert

Minister of Petroleum and Mineral Wealth Tarek el Mullah on Monday witnessed the signing of two agreements for gas and oil exploration in the Gulf Suez region and Western desert.

The first agreement was signed with Tunisia's HPS company with investments amounting to dlrs 9 million and signing grant of one million dollars in Halif district in Egypt's western desert to dig out four oil wells.

The second agreement extends a previous contract assigning the General Egyptian Petroleum Authority with developing Gazorina oil field in Gamsa district in the Gulf Suez.

The two agreements were signed by HPS Chairman Tareq Bushmawi and Head of the General Egyptian Petroleum Authority Mohammad El Masri respectively.

Following the signing ceremony, Mulla said the ministry has recently signed 63 new agreements for gas and oil exploration with international companies with total investments valued at dlrs 14.3 billion to dig out 268 wells.

The minister pointed out that the ministry's focus is to increase productivity and reserve rates of Egypt to secure the energy needs of the local market.