Two oil-prospecting agreements for Upper Egypt signedSource: www.export-egypt.com 7/27/2016, Location: Africa |
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 Petroleum Minister Tareq el Molla signed two agreements for oil and gas prospecting in Upper Egypt.
The agreements were signed between Egypt's Ganoub El-Wadi Petroleum Holding Company (GANOPE) and the US' company IPR and Mediterra of Cyprus, according to a statement by the Petroleum Ministry. The agreements include the drilling of three exploration wells located in sectors 7 and 8 in the country's southern Al-Baraka field in Aswan at a minimum of 4.3-million-dollar investment. The deals should help increase oil production to meet local needs, Molla said. He believes the new agreements will intensify research activities in Upper Egypt, which has promising petroleum prospects. |
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