Official sources in the petroleum sector revealed that the volume of investments of 13 exploration agreements signed by the Petroleum Authority during the fiscal year 2019-2020 amounted to about $276.8 million.
The sources added that the volume of non-refundable signature grants for these agreements amounted to about $90 million.
Sources in the petroleum sector have confirmed that the exploration area for 13 agreements for research and exploration includes 11 new agreements in addition to the amendment of two agreements signed by the Petroleum Authority during the fiscal year 2019-2020, amounting to about 24718 km2, and includes a commitment to drill a minimum of 63 wells.
During the year 2020, 22 agreements were signed to search for oil and gas with international companies, with a minimum investment of about $1.6 billion. The total of signing grants for drilling 74 wells reached $139 million.
The new agreements and partnerships were characterized by attracting investments to giant international companies such as Exxon Mobil and Chevron to work in Egypt in new areas in Bahrain, the Mediterranean, and the Red.
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