Cabinet approves 2 agreements on oil exploration

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Wed, 07 Feb 2018 - 04:21 GMT

FILE- Petroleum Minister Tarek el-Molla

FILE- Petroleum Minister Tarek el-Molla

CAIRO - 7 February 2018: The Cabinet approved during a session held Wednesday two agreements on oil exploration in the Gulf of Suez and the western desert, Minister of Petroleum Tarek el-Molla said.

The agreements fall within the framework of the state's plan to secure petroleum wealth reserves and increase agreements pertaining to exploration, the minister told a press conference at the Cabinet headquarters.

The Gulf of Suez is part of areas put up for tenders by the Egyptian General Petroleum Corporation (EGPC)to a number of companies, he said.

He said agreement on oil exploration in the western desert was reached with Apache company.

The total grants allocated for the agreements amount to around $34 million. The minimum commitment during the first stages will be $55 million for drilling 10 wells, he added.

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