Walid El Bahnasawy
Eng. Tariq Al Mulla, Minister of Petroleum and Mineral Resources, affirmed that the petroleum sector continues to sign more new petroleum agreements; as it is considered one of the main pillars that attract foreign investment to intensify research and exploration, oil and gas production and development, in addition to achieving new oil and gas discoveries that contribute to an effective role in promoting and maximizing Egypt’s oil&gad reserves and production. Hence, the oil sector can continue to play its role in securing energy supplies, which are the backbone of economic development.
This came during the signing of 9 petroleum agreements by the minister to search for and produce oil and natural gas in the Mediterranean and Western desert regions, with a minimum investment of $452.3 million.
He granted a signing of $84 million, including the 38 wells drilling; in the presence of the geologist Ashraf Faraj, first deputy of the Ministry of Petroleum for Agreements and Exploration; and Eng. Abed Ezz El-Regal, EGPC CEO; Eng. Osama Al-Baqali, EGAS President; Eng. David Tchi, Regional Vice President & General Manager of Apache Egypt; Eng. Hisham Mekawi, Regional President North Africa, BP Egypt; Eng. Karim Alaa; Regional President BP Egypt; Eng. Khalid Al-Kassem, president of Shell Egypt; and Eng. Shahrizal Shahari, Executive Director of Petronas Egypt and; finally, the representatives of EGPC and EGAS.
Egypt has signed 9 oil-search agreements, El Mulla clarified that the Ministry’s plan aims to offer new global auctions in the coming period and to conclude further oil-search agreements, noting that the number of oil-search agreements concluded by the Ministry of Petroleum with investors and partners from July 2014 to now is 79 petroleum agreements, as well as 4 other new agreements approved by the House of Representatives and will be signed later.
The 1st agreement in East Horus, Western Desert, with the Petroleum Authority and Shell, with a minimum investment of about $24.5 million and a signing grant of $23 million to drill 5 wells.
The 2nd agreement in Abu Senan, Western desert, with the Petroleum Authority and Shell, with a minimum investment of about $ 7.8 million, and a signature grant of $ 1 million to drill 3 wells.
The 3rd Agreement in the Western Fayoum Region, Western desert, with the Petroleum Authority and Shell, with a minimum investment of approximately $24.7 million, and a signing grant of $27 million to drill 6 wells.
The 4th agreement in Badr-2 and Badr-17 in Western Desert with the Petroleum Authority and Shell, with a minimum investment of about $60 million, and a signing grant of $10 million to drill 9 wells.
The 5th agreement to amend the churches’ area at western desert with the Petroleum Authority and the Apache Company, with a minimum investment of about $5.5 million and a signature grant of $4 million to drill two wells.
The 6th Agreement to amend the Western Kalabsha Area in Western desert with the Petroleum Authority and the Apache Company, with a minimum investment of about 20.8 million dollars and a signature grant of 6 million dollars for 8 wells.
The 7th agreement in the concession area of Al-Fanar in the Mediterranean Sea, with EGAS and Shell and Petronas, with a minimum investment of approximately $129 million and a signing grant of $3 million to drill two wells.
The 8th Agreement in the North Sidi Gaber Marine Concession Zone in the Mediterranean with EGAS and Shell and Petronas, with a minimum investment of approximately $180 million and a signing grant of $10 million to drill 3 wells.
The 9th agreement to amend the price of gas in the Mediterranean port concession area with EGAS, Shell and BP.
