Cairo – Mubasher: The Egyptian oil ministry has signed two agreements for oil and gas exploration in Sinai and the Gulf of Suez with total investments of $65 million, in addition to $3.5 million in signature bonuses.
The first deal was signed with the General Petroleum Company (GPC) in Sinai to improve its output as the ministry plans to increase the Egyptian oil sector's production and support national oil exploration companies, according to an official statement.
The second deal was closed with the Petroleum Corporation and Zaafarana Petroleum Company, Oceaneer Zaafarana, and Sahary for Oil and Gas in the Gulf of Suez.
These agreements aim to bolster Egypt’s oil and gas reserves as well as attract foreign investors, Egypt’s petroleum and mineral resources minister Tarek el-Molla said.
Since June 2014, the ministry has signed 61 deals with total investments of $14 billion for gas and oil exploration in onshore and offshore areas, el-Molla added.