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Arab Finance: The Ministry of Petroleum and Mineral Resources has signed a new oil and natural gas exploration agreement with British company Terra Petroleum, as per a statement.
The signing marks the company’s first operations in Egypt as part of the ministry's strategy to boost exploration and production activity.
Under the deal, Terra Petroleum will begin work in the Northwest Maghra concession of the Western Desert to drill three wells, with initial investments estimated at around $6.5 million.
This is in addition to carrying out two-dimensional and three-dimensional seismic surveys at the concession area.
Commenting on the agreement, Minister of Petroleum Karim Badawi said that this step reflects the international companies' trust in the Egyptian petroleum sector's investment climate.
He stressed the ministry's keenness to provide all aspects of support and an encouraging investment work environment to accelerate oil exploration and production rates.
