4 new agreements for drilling petroleum in Egypt

Egyptian Minister of Petroleum Hamdi El-Banbi announced in a press conference yesterday concerning the initial agreement on four new projects for drilling petroleum in Egypt with investments that reach $560 million, which are expected to be ratified by the Egyptian People's Council during its coming session in November.

El-Banbi added that drilling in the deep waters of the Mediterranean Sea will take place for the first time 360 kilometers away from the Egyptian shore.