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Monna Alaa al-Din – Ahram Online
The Ministry of Petroleum and Mineral Resources signed two oil exploration deals in the Western and Eastern Desert worth $506 Million with Canada’s Trans Globe Energy Corporation and Pharos Energy on Thursday.
The first agreement was signed with the Canadian oil corporation Trans Globe, which includes integrating several concessions in the Eastern Desert and pumping new investments for crude oil exploration and production.
A crude oil exploration and production deal was also signed with Pharos Energy encompassing investments in the Western Desert and Fayoum. The deals include a $67 Million grant for drilling 12 wells in both regions.
“Both agreements contribute to the production of crude oil under a plan to increase investments in concession areas and use advanced technologies in oil exploration and production”, Petroleum Minister, Tarek al-Molla said.
The Thursday announcement comes few weeks after Egypt awarded eight oil exploration blocks to oil giants ENI, British Petroleum, Apex International, Energy Egypt, United Energy, Enap Sipetrol, and INA.
Giant oil corporations will invest a minimum of $250 Million and drill 33 wells in blocks within the Mediterranean, Western Desert, and the Gulf of Suez.
