Cairo, Egypt | – Egyptian Petroleum Minister Sherif Ismaeil announced that the new oil agreements bring the total of new deals since November 2013 to 36, with an estimated investment value exceeding US$2 billion.
On Tuesday, Ismaeil signed an agreement with Tharwa Petroleum for Oil and Gas Exploration in Abu Snan located in the Western desert. The deal is worth at least $15 million in investments and include signing bonuses of $5 million.
Tharwa, established in 2004 as Egypt’s first joint stock Petroleum Company 100% nationally owned, is set to execute an upstream operation with two main goals E&P and Petroleum Services.
Meanwhile, the minister pointed out that the signing of the last agreement will encourage national companies operating in the field of research and exploration to increase the size of their activities and their contribution.
He continued added that the agreement is one of 21 contracts signed, currently in the final stages of finishing the procedures, with $10 billion investments, which will in turn give a boost to research activities and exploration and will maximize production and reserves.