Petroleum Min.: Egypt Inked 24 Agreements for Gas, Oil Exploration in Mediterranean, Delta

 Eng. Mahmoud Naji, Assistant Minister of Petroleum and Mineral Resources for Transportation and Distribution of Petroleum Products, confirmed that the petroleum sector is witnessing great developments, pointing out that the ministry has adopted a clear strategy since 2016.

Eng. Nagy added that 7 clear programs are being implemented in line with Egypt's Vision 2030, as a project to develop and modernize the sector was launched to make several structural reforms that keep pace with global and local changes and challenges in the petroleum industry.

He affirmed the need to work to create flexibility in partnership agreements, in addition to flexibility in economic conditions, stressing that during the past 4 years, 24 agreements were signed in the Mediterranean and the Nile Delta, with investments of $2.7 billion and grants of about $25 million, after amending the agreements that were forcing Foreign investors to dig immediately after signing the signature, as the investor performs seismic surveys before drilling.