petroleum ministry
Mulla also underlined the global role in providing the necessary financing and technologies to the African continent in order to support it in obtaining clean energy with low carbon emissions.
The Petroleum Ministry, in a statement on Friday, said that under the deal, Eni company is abiding by spending at least additional dlrs 20 million to dig four wells.
The agreements, worth about $1 billion, aiming to drill 17 new exploration wells, Molla said in statements Friday.
The minister made the remarks on Thursday while inspecting the complex and other vital fuel projects in Upper Egypt governorates.
This came after a month-long partnership negotiations that kicked off under Egypt’s sponsorship.
The Petroleum Ministry said that converting petrol-fuelled cars to run on natural gas reduces fuel costs by nearly 50%.
The ministry said that this high record in production reflected the success in implementing the integrated work program in the various oilfields of the company in the Eastern and Western Desert areas, the Gulf of Suez and Sinai.
The discovery was made by PetroGulf Misr Oil Company, Byco Petroleum and KUFPEC Egypt Limited.
Cooperation deals were signed with Chile, Somalia, Equatorial Guinea and the US Trade and Development Agency
This came in a report sent to el Molla on the outcome of the business activities of refining.
He added the six wells are expected to produce 390 million cubic meters of natural gas per day in the first quarter of 2020, according to a statement by the Ministry of Petroleum on Friday.
Molla stressed the importance of continuing to raise the efficiency of operations, maximize profitability and apply the latest technologies used in refining activities.
il refining projects also came into force in 2018, the statement said, citing a project by Alexandria National Refining and Petrochemicals Company (ANRPC) to produce premium octane gasoline 92 and 95.
This comes as part of government efforts to achieve sustainable development goals in new cities and to rationalize the use of energy.
These areas are located in Giza, Cairo, Kafr el Sheikh, Gharbiya, Beni Suef and Tenth of Ramadan..
The agreement was signed by CEO of the Egyptian General Petroleum Corporation (EGPC) Abed Ezz el Regal and Apache Egypt Regional Vice President and General Manager David Chi.
The first agreement was signed with South Valley Egyptian Petroleum Holding Company (Ganope) and Britain's GHP corporation to dig six new wells in the western Gebel El Zeit Concession with total investments of $6 million.
The operation of a new well comes as part of efforts to develop new finds and put them on the production map to increase local output of petroleum and natural gas.
The industrial sector’s debt to the Petroleum Ministry reached LE 11 billion by December 2017, an official source at the petroleum Ministry said.
Egypt’s Ministry of Petroleum signed an agreement, with oilfield services company Schlumberger to conduct a seismic survey in the Gulf of Suez.
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