Cairo – Mubasher: Egyptian oil company Engineering For The Petroleum & Process Industries (ENPPI) on Monday announced signing a cooperation agreement with the UK-based Wood Group to boost deepwater oil and gas exploration.
The agreement entailed exchanging experiences in deepwater gas exploration and production activities, Egypt’s petroleum minister Tarek El-Molla said in a statement.
The North African nation is pushing ahead with megaprojects for exploring and producing gas from fields in the Mediterranean water, El-Molla added.
The minister further noted that the UK is Egypt's largest trade partner, as British investments represent 40% of foreign direct investment (FDI) in the Arab world's most populous country.
This contract is to boost cooperation between the two countries in oil and gas sector, British ambassador in Egypt Geoffrey Adams stated.
Wood Group is cooperating with Egypt since more than four years, chairman Ian Marchant said, noting that his firm established oil services centre in the Arab nation for exploring oil and gas in deepwater fields since two years.
