Cairo – Mubasher: Egypt’s petroleum minister Tarek El-Molla has signed a new agreement with Germany’s DEA Group AG for oil and gas exploration at Ras Badran and Khaleeg Al Zeit in the Gulf of Suez.
Under the deal, which was also signed with the Egyptian General Petroleum Corporation (EGPC), DEA will carry out oil development programmes, with the purpose of raising production, the Ministry of Petroleum said in a statement on Thursday.
It added that the German firm will invest no less than $20 million.
Egypt’s oil sector has adopted an integrated strategy that supports and provides an attractive investment atmosphere, while ensuring energy sustainability, El-Molla stressed.
The investments made by DEA and other global oil companies, whether in their oilfields or other fields, are a testament of the ongoing partnerships and confidence in Egypt’s petroleum sector, the minister highlighted.
El-Molla cited DEA’s 45-year-long partnership with the Egyptian government, which has contributed to raising oil and gas production levels in its oilfields in the Gulf of Suez, the Delta, and the Mediterranean.
In February 2018, Hamburg-based DEA Group said it was planning to invest $500 million in developing its oilfields in Egypt’s West Delta, Desouk, and Gulf of Suez over a three-year period.
