Egypt allocates 10 billion dollars to be explored for oil

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Al-Mulla said in a statement quoted by the Egyptian media that it is expected to achieve steady growth in the volume of oil investments in the coming years, especially in light of the continued expansion of the signing of the research agreements and the implementation of development in the field and important projects for the production of deep-sea gas from the Mediterranean Sea.

He stressed that the demand of large international companies to explore gas and oil in Egypt "represents a clear message of confidence in improving the investment climate in the country, following the reforms implemented".

The minister stressed that the offer of the 2018 oil exploration authority for energy research in 11 regions of the Gulf of Suez and in the eastern and western desert was closed. He stressed that the ministry is currently evaluating offers to announce the winning companies.

He said that the evaluation of the offers for "EGAS Auction" will begin at the end of this month, after the closing of the offers for the 2018 global auction for the exploration of oil and gas in the 16 regions of the Mediterranean delta and of the Nile.

He added that work is under way to present a global offer for oil and gas research in the Red Sea for the first time at the end of this year, and put this region on the investment map of the United States. oil industry.

The last four years have seen the signing of 63 new oil agreements in Egypt, which should contribute to the increase in reserves and oil and gas production in the country.

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Al-Mulla said in a statement quoted by the Egyptian media that it is expected to achieve steady growth in the volume of oil investments in the coming years, especially in light of the continued expansion of the signing of the research agreements and the implementation of development in the field and important projects for the production of deep-sea gas from the Mediterranean Sea.

He stressed that the demand for large international companies to explore gas and oil in Egypt "represents a clear message of confidence in improving the investment climate in the country, due to the reforms that have been implemented".

The minister stressed that the offer of the 2018 oil exploration authority for energy research in 11 regions of the Gulf of Suez and in the eastern and western desert was closed. He stressed that the ministry is currently evaluating offers to announce the winning companies.

He said that the evaluation of the offers for the EGAS offer will begin at the end of this month after the closing of the bids for the 2018 global auction for oil and gas exploration in the 16 regions of the delta of the Mediterranean and the Nile.

He added that work is under way to present a global offer for oil and gas research in the Red Sea for the first time at the end of this year, and put this region on the investment map of the United States. oil industry.

The last four years have seen the signing of 63 new oil agreements in Egypt, which should contribute to the increase in reserves and oil and gas production in the country.

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