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Egypt attracts investments ... the most important information about exploration agreements in the eastern and western Mediterranean and the Red Sea



The Ministry of Petroleum's new strategy to promote investment opportunities is the secret of its success in attracting new global investments to Egypt in oil and gas search activities and concluding new partnerships with giant and major companies in the global petroleum industry such as Exxon Mobil and Chevron, who enter Egypt for the first time to invest in oil search activities. And gas, in addition to enhancing the business and investments of major international companies currently operating from the success partners in the oil and gas sector such as Shell, BP and Total in light of new opportunities and promising possibilities in the regions of the Eastern, Western Mediterranean and the Red Sea, according to the statements of Engineer Tariq Al Mulla, Minister of Petroleum and Mineral Resources, where 9 new petroleum agreements were signed. To search for oil and natural gas in the eastern and western Mediterranean regions and the territorial waters of the Red Sea. The following are the most important information related to those agreements, which are as follows:


1- Signing with 6 major international and Egyptian companies.


2- It is estimated that the minimum investment pumped under the signed agreements is more than one billion dollars.


3- The agreements target the drilling of 17 new exploration wells in the concession areas.


4- It includes 7 agreements for each of the Natural Gas Holding Company, the first with the American Exxon Mobil Company to search in the North Marquia marine area in the Mediterranean, with a minimum investment of $ 112 million, a signature grant of $ 7 million, and drilling 3 wells.


5- The second with the American Chevron Company and its partner, Tharwa Petroleum, Egypt, to search in the North Sidi Barani area in the Mediterranean, with a minimum investment of $ 70 million, a signature grant of $ 4 million, and drilling an exploration well.


 6- As for the third agreement with the American Chevron Company and its Egyptian partner Tharwa Petroleum, to search in the Narges marine area in the Mediterranean, with a minimum investment of $ 110 million, a signature grant of $ 2 million, and the drilling of two wells.


7- And a fourth agreement with the American Chevron Company and its partner, Tharwa Petroleum, to search in the North Dabaa area in the Mediterranean, with a minimum investment of $ 70 million, a signature grant of $ 4 million, and drilling an exploration well.


8- A fifth agreement with the American company Exxon Mobil and its partner, Tharwa Petroleum, to search in the Maritime Star area in the Mediterranean, with a minimum investment of 263 million dollars, and drilling 3 wells.


9- The sixth agreement was signed with the British BP and its partner Tharwa Petroleum to search in the North Sallum marine area in the Mediterranean, with a minimum investment of $ 59 million, a signature grant of $ 1 million, and drilling an exploration well.


10- The seventh agreement with the French company Total and its partners Shell, Kuwait's Kufbec and Tharwa Petroleum to search in the North Ras Knais marine area in the Mediterranean, with a minimum investment of $ 115 million, a signature grant of $ 2 million, and the drilling of two wells.


11- The nine agreements also included two agreements for the South Valley Egyptian Petroleum Holding Company, the first with the American Chevron Company and its Egyptian partner Tharwa Petroleum to search for Sector No. 1 in the Red Sea with a minimum investment of $ 110 million and drilling two wells, and the second agreement with Shell International and its partner Tharwa Petroleum to discuss Sector No. 3 in the Red Sea, with a minimum investment of $ 103 million, and the drilling of two wells.


12- The nine new agreements come from among 12 new agreements that the ministry succeeded in reaching during the period of the Corona pandemic, with a minimum investment of about 1.4 billion dollars, and aims to drill 23 wells in 9 regions in the eastern and western Mediterranean and 3 regions in the Red Sea and the other three agreements are under signature during the coming period. .

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