Egypt’s ministry of petroleum and mineral resources is set to ink a number of agreements to explore oil and gas in various parts of the country.
Minister of Petroleum and Mineral Resources, Sherif Ismail, reveals that his ministry is set to sign two new deals to explore oil in the Haleef region in the western desert and northeast of the Ramadan area in the Suez Gulf.
The two agreements are currently being revised by the cabinet before they are endorsed, the minister says in remarks published by Aliqtisadi.
According to the minister, the past period saw the signing of 56 oil-related agreements following a three-year halt. He says he expects these deals to add more crude oil and natural gas to the country’s hydrocarbon output and help to meet the growing demand on energy in the country.
Oilfields and wells in the Western desert account for 51 per cent of Egypt’s crude oil production.
Egypt has been seeking to increase its production of oil and gas to meet a growing demand for energy at home. Foreign companies such as British Petroleum, BG Group and Eni control the country’s oil and gas exploration and production activities.