Tarek El-Molla, Minister of Petroleum and Mineral Resources said in a statement issued Wednesday that 86 agreements have been signed with international oil companies with investments amounting to $15 billion over the past six years, in addition to 14 new agreements in several concession areas across Egypt since March 2020.
El-Molla praised the reforms that were implemented in the oil and gas sector in the country, and their promising results that were felt in the Egyptian economy.
"Oil and gas sectors received total investments worth EGP 1.2 trillion during the period from 2014 to 2020," the minister added.
This came during the virtual ministerial session of the Abu Dhabi International Petroleum Conference "ADIPEC 2020" - whose activities are held in the United Arab Emirates from 9-12 November.
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ADIPEC 2020 virtual session[/caption]
The minister confirmed that the pandemic and its repercussions on the energy future made it clear that cooperation has become inevitable among all to secure energy supplies, keep abreast of the inevitable transformations imposed by the lockdowns and avoid its negative effects on governments, companies and investments.
He pointed out that production rates jumped to the highest level in Egypt's history, reaching 1.9 million barrels of oil equivalent per day in August 2019.
He noted that the ministry is about to launch an Egyptian portal for research and exploration, which is an electronic platform to ensure the transparency and clarity of Egypt's geological data.
"The platform aims to promote the auctions made by the Egyptian oil and gas sector in the field of research and exploration," he added.
It is noteworthy that two of the largest international companies, Chevron and ExxonMobil, joined the Egyptian market in 2019 to increase the number of international companies operating in the field of oil exploration, reaching more than 60 companies in 164 concessions.
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