Egypt, ADES pens 2 agreements for oil exploration in Gulf of Suez’s brownfields

The signed agreements mark the outcome of the first-of-its-kind global tender

Staff Writer, Arab Finance

March 27, 2024

PHOTO

Minister of Petroleum and Mineral Resources Engineer Tarek El-Molla and CEO of ADES Holding Company Mohamed Farouk witnessed the signing of two agreements for exploration and production services in selected areas of brownfields in the Gulf of Suez, as per a statement.

The agreements were signed between the alliance of Adis Petroleum Drilling Company, Gharib Oil Company, Suez Oil Company (SUCO), and Offshore Shukeir Oil Company (OSOCO).

The signed agreements mark the outcome of the first-of-its-kind global tender launched by the Egyptian General Petroleum Corporation (EGPC) for brownfields in the Gulf of Suez in 2023.

El-Molla emphasized that the agreements aim to maximize the potential of brownfields as increasing production rates in these fields improves economic performance and reduces import bills.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.