3 new oil agreements signed on sidelines of MOC 2018

CAIRO - 18 April 2018: Petroleum and Mineral Resources Minister Tarek al-Molla and Alexandria Governor Mohamed Sultan Wednesday witnessed the signing of three new petroleum agreements on the sidelines of the 9th Mediterranean Offshore Conference and Exhibition (MOC 2018).

The first agreement aims to purchase a new high-tech maritime drilling device to be used in deep waters at investments amounting to dlr 600 million.

The other two agreements are a completion of an agreement of understanding signed with Schlumberger Company in February on Egypt's portal for oil exploration and marketing petroleum areas.

The agreements are aimed at making best use of international expertise in terms of geological databases and the marketing of petroleum areas to be put up by the petroleum sector for international tenders.