Fri, 27 May 2022

Egypt signs oil deals worth 506 mln USD: ministry

21 Jan 2022, 02:18 GMT+10

CAIRO, Jan. 20 (Xinhua) -- Egypt on Thursday inked two oil exploration deals with two companies for at least 506 million dollars, Egypt's oil ministry announced in a statement.

The two agreements with TransGlobe Energy Corporation from Canada and Pharos Energy, entail the merging of several concessions in Egypt's Eastern Desert and the pumping of new investments for crude oil exploration and production in both the Eastern and Western Deserts, the Ministry of Petroleum and Mineral Resources said in the statement.

A grant of 67 million U.S. dollars for drilling wells in both deserts is also included in the agreements, according to the statement.

The two deals are part of a plan to enhance reserves and oil production in Egypt by attracting more investments into concession regions and using advanced technologies in oil exploration and production amid rising oil prices on the international market, the ministry said.

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