Egypt's Minister of Petroleum and Mineral Resources Tarek Molla has signed three agreements with three foreign energy giants for oil and natural gas exploration, with Cairo expected to receive a total of $139 million in investments, the ministry said on Tuesday.
CAIRO (Pakistan Point News / Sputnik - 14th August, 2018) Egypt's Minister of Petroleum and Mineral Resources Tarek Molla has signed three agreements with three foreign energy giants for oil and natural gas exploration, with Cairo expected to receive a total of $139 million in investments, the ministry said on Tuesday.
According to the ministry, the first agreement, worth $105 million, envisions Italy's ENI and Egypt's EGAS developing two Mediterranean reserves. The second deal, worth $11.7 million, covers nine deposits in Western Sahara with the participation of ENI and Croatia's INA. The third agreement, worth $22.5 million, will see ENI and the United Kingdom's BP develop four deposits in the Nile Delta.
Egypt is attempting to become self-sufficient in terms of natural gas production by the 2018-2019 fiscal year as well as a regional hub for production. The country intends to raise gas output to 8 billion cubic feet per day by the 2020-2021 fiscal year.
