Egypt signs oil and gas exploration deal in Western Desert

Ahram Online , Tuesday 21 Oct 2014

The petroleum ministry will work with Tharwa Petroleum Company in the Western Desert to invest a minimum of $15 million in an oil and gas exploration project

The Egyptian petroleum ministry has signed an exploration contract with locally owned Tharwa Petroleum Company to look for oil and natural gas in the western desert.

The new agreement, signed on Tuesday, stipulates a minimum investment amount of $15 million in Abu Sinan, an area near the border with Libya, according to a statement on the ministry's website.

The government has signed 36 similar deals since November 2013, with an investment amount of $2 billon, said petroleum minister Sherif Ismail in the statement. Ismail said 21 new exploration deals are now being prepared with an additional $10 billion in expected investment.

Thawra Petroleum co. was established in 2004 and is owned by several government or government-related entities including the petroleum ministry itself.


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