A file photo of Oil minister Tarek Mulla (Photo: Ahram Arabic)
Egypt's Petroleum Minister Tarek El-Molla signed a $20 million agreement with the German company DEA on oil and natural gas exploration in Ras Badran and Khaleeg El-Zeit in the Gulf of Suez.
In a statement on Thursday, El-Molla said the petroleum sector is adopting an all-out strategy to encourage energy investments.
The minister said that international companies’ keenness to pump more investments into Egypt proves that foreign partners are confident in the Egyptian petroleum sector and the great potential to boost production through new discoveries.
He noted that the fruitful partnership with DEA has lasted for more than 45 years and contributed to upping production in this area.
The minister added that the ministry will sign more agreements to boost investments.
Meanwhile, the DEA director-general in Egypt said that Egypt’s efforts to develop the oil sector have managed to lure investments.
He added that DEA injected about $800 million in the Gulf of Suez and Desouq and northern Alexandria in 2017 and 2018.
He added that the company plans to pump an additional $700 million in investments within the coming three years.