Egypt inks 12 oil, gas deals despite pandemic

Oil and gas projects attracted more than $30bln in investments over the last four years

  
Image used for illustrative purpose. Workers adjust a valve of an oil pipe in Tawke oil field near Dahuk

Image used for illustrative purpose. Workers adjust a valve of an oil pipe in Tawke oil field near Dahuk

REUTERS/Azad Lashkari

Cairo –  The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, affirmed the success of East Med Gas Forum which represents a platform for attracting investments from international oil and gas companies into Egypt and the East Mediterranean region.

During the last period, Egypt has signed 12 new oil and gas exploration deals with major companies such as Chevron, ExxonMobil, BP, Total, and Shell, El-Molla added in a statement on Wednesday.

This came during the minister’s virtual interview during CERAWeek.

El-Molla further revealed that Egypt reduced overdue arrears to foreign oil companies to below $850 million from $6.3 billion, which contributed to restoring investor confidence in the market.

Over the last four years, oil and gas projects in the country attracted more than $30 billion in investments.

Source: Mubasher

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