Egyptian Mineral Resources Authority (EMRA) has revealed that it entered into 64 agreements worth $14.3 billion between November 2013 and January 2016.

The ministry also revealed that it entered into agreements to search for new oil wells in the Suez. The agreements are worth $977.3 million.

This declarations are coming on the sideline of the signing of a new petroleum agreement between the Egyptian Petroleum and Mineral Resources Minister, Tariq Al-Mullah, the South Valley Holding Company for Petroleum and the Egyptian Trident Petroleum Company.

The aim of the new agreement which is worth more than $5 million, is to explore oil and dig new wells in the area of the Suez Gulf in Egypt.

“The continuous signing of agreements by the Egyptian oil sector despite the decline in oil prices is proof that Egypt is still attractive for oil investment”, Al-Mullah told Middle East Monitor.

Anita Fatunji