Egypt signed a new oil and gas exploration agreement at Nile Delta with Germany’s Wintershall DEA with minimum investments of $43 million, the petroleum ministry announced on Monday.
Petroleum Minister Tarek El-Molla signed the agreement, which includes Nile Delta’s East Damanhour exploration bloc, between Egyptian Natural Gas Holding Co. (EGAS) and Wintershall Dea.
In a press statement, the minister said that the continued petroleum agreements with international companies would achieve vital goals for the Egyptian economy. Those include, according to Molla, increasing the flow of investments and enhancing oil and gas production and reserves.
The minimum investment is $43 million to drill eight wells, with a signature grant of $11 million, according to the statement.
“There are more promising opportunities and possibilities that can be used to increase production and achieve new discoveries,” Molla said, adding: “With the signing of the agreement, the number of petroleum deals concluded by the Ministry of Petroleum with investors and partners during the past four years would amount to 61, with a minimum investment of about $6 billion to dig 230 wells.”
The fourth edition of the Egypt International Petroleum Conference and Exhibition (EGYPS 2020) will be launched in Egypt on Tuesday.
Held under the auspices of President Abdel Fattah el-Sisi, the conference is scheduled to continue until next Thursday, under the slogan, “North Africa and the Mediterranean: meeting tomorrow’s energy needs.”
A high-level US delegation arrived in Cairo on Monday to attend the conference.