The Egyptian Minister of Petroleum, Tarek El Molla, witnessed the signing of 4 contracts to search for gold between the Mineral Resources Authority and the Canadian Barrick Gold Corporation, with a total investment estimated at $8.8 million.
Sources told Egypt Today that 10 companies purchased the applications of the international gold exploration auction announced by Egypt earlier this year.
Investors will be bidding on blocks which will be awarded to them within four months of the bid round being launched, the official said.
The minister said increasing Egypt's oil output tops the ministry's priorities to bridge the gap between production and consumption.
Egypt signed Wednesday four new agreements to search for oil and gas in the regions of Western Sahara, the Gulf of Suez and the Nile Valley.
Sisi's instructions come in an effort to transform Egypt to a regional center for the trade of oil and gas in the region, presidential spokesman Bassam Radi said.
Noble Energy chairman met with President Abdel Fatah al-Sisi in Cairo on Monday.
A wrap-up of the most prominent business news of the day.
The agreement involves Italian energy company Eni and the Egyptian Tharwa company.
The company succeeded last week to increase its production of crude oil by 1,000 barrels, to render its overall production currently at 7,000 barrels per day.
Egypt is looking to production from recently discovered fields to halt energy imports by 2019.
Fourteen companies have expressed interest in oil and natural gas exploration and development contracts to be auctioned by Iraq on April 25.
Egypt’s production of natural gas increased in December 2017 to reach 3.4 million tons, up from 2.7 million tons in December 2016.
Egypt’s natural gas production will reach some six billion cubic feet a day by the end of fiscal year 2017/18, Deputy Chairman of EGAS said Sunday.
The Egyptian Natural Gas Holding Company will issue a tender for onshore and offshore natural gas exploration in nine blocks, the company's Vice Chairman said.
The Cabinet approved Wednesday two agreements on oil exploration in the Gulf of Suez and the western desert.
Egypt owed foreign oil companies operating in the country $2.4 billion by the end of June 2017, Petroleum Minister Tarek el-Molla said Wednesday.
TGS and Schlumberger started in December working on their new 2D seismic project on the Red Sea.
Petroleum Minister Tarek el-Molla said that a new law to regulate the activities of the gas market.
If exploration or a short drive for one day is what you are looking for, then Ain Sokhna is definitely your destination.