Egypt invests $506 million in E&P activities

Egypt

CAIRO, January 21, 2022 – Minister of Petroleum and Mineral Resources Tarek El Molla has signed two contracts with E&P players to raise oil production in Egypt with investments of USD 506 million, the ministry announced on Thursday.

The first agreement with Canada’s Transglobe Energy Corporation is for E&P activities in Northwest Garib, West Gharib and the Eastern Desert.

The second agreement with the UK’s Pharos Energy looks to raise oil production in the Fayoum region and the Western Desert.

Cost of the separate agreements was not disclosed.

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