Monday , August 15 2022

Oil and gas exploration offers have started to be valued in 16 regions, and investment for this year's exploration is $ 10 billion.


Tariq Al-Mulla, Oil and Mineral Resources Minister, said the oil and gas bidding EGAS in the Mediterranean and Nile Delta regions will be evaluated at the end of the global bid bid in 2018.

He said that by the end of the year, he is in the process of launching international bidding for the oil and gas exploration of the Red Sea region and putting the field into investment guidance for the oil industry. In the past four years, 63 new oil agreements have been signed, . .
He is bidding oil authorities to find oil and gas in 11 regions of Suez and eastern and western Suez in 2018 and is currently evaluating proposals to announce the winning companies.
He pointed out that new investment of $ 10 billion in oil and gas exploration and exploration in 2018/2019 and the turnout of major international corporations are a clear message to foreign companies' confidence in improving the investment climate in Egypt. Implemented Reform. The minister expects oil investment to steadily increase over the next several years. This is due to the conclusion of research contracts and the progress of major projects for on-site development programs and gas production in the Mediterranean deep sea water.
He also added that the increase in massive investments would help strengthen Egypt's oil and gas resources and increase production and reserves in various areas of Egypt, land, sea and promising exploration areas such as the Red Sea and the western Mediterranean.
He points out that there are a number of key axes that are working to create an investment climate in the oil and gas industry through the ongoing development and modernization of the oil sector, taking unofficial measures and encouraging foreign partners to invest in deep-sea areas The new Mediterranean and new virgin regions have not yet been explored in the light of the difficulties in working in these areas and the difficulties in new areas or risks that must stimulate investors.

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