Egypt, France sign agreement on oil and gas exploration in Mediterranean sea

Egypt's Minister of Petroleum Sameh Fahmi on Thursday affirmed the strength of political and economic ties binding Egypt and France as they have established strong cooperation relations, especially in the fields of oil and natural gas.

Fahmi said French companies are very interested in expanding their activities of natural gas explorations in Egypt. The minister's remarks carne following the signing of an agreement with the French "Gas de France" company.

Under the agreement, "Gas de France" is to carry explorations in an area of 1,361 square kms, west of Lake Burullus in the Mediterranean Sea..

The explorations for natural gas and oil will cost the company $22 million as it will dig three wells over the coming eight years.

Fahmi said the French company came to operate in Egypt for the first time encouraged by the good potentials for gas and oil findings, in view of many international companies achieving high success rates in exploring for gas and oil in the Mediterranean Sea and the Western Desert.

The minister asserted that the oil sector would continue work with major international companies in strategic projects in order to provide new job opportunities and help in promoting the oil and gas Industry.