Two agreements to prospect for oil and natural gas signed

Egypt's Minister of Petroleum Sameh Fahmi signed two agreements between Egyptian General Petroleum Corporation and four foreign companies to prospect for oil and natural gas in Western Desert and the Suez Gulf.

The two agreements will cover an area of 4324 kilometers with total concessions of $47 million to dig three wells.

Petroleum agreements help attracting foreign investments to Egypt, he added.

The first agreement includes prospecting for oil in Western Desert to dig three wells at "a total value of $13 million.

The second agreement includes prospecting for oil in sea area at Gulf of Suez at an area of 26.8 Kilometers with a total value of $3.1 million.

The minister pointed out that oil sector succeeded in signing 38 agreements for prospecting oil despite the international competition to attract international companies for oil prospecting.

He maintained that attracting foreign companies that have the state-of the-art technology prospecting for oil and natural gas will help in new oil discoveries.