Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, has signed three new petroleum agreements worth $595 million for the Egyptian General Petroleum Corporation (EGPC).The deal, which was with the Italian Egyptian Oil Company (IEOC), a subsidiary of Eni and BP, is for the exploration and production of oil and natural gas as well as the drilling of 12 new wells to produce over 1bcf/d of natural gas.

The three agreements includes, explorations in Nile Delta concession area worth $450 million, the El Temsah area, with investments of $85 million and also the Ras El Barr concession area, at an investments worth $60 million, Egypt Oil & Gas reports.

According to El Molla, the signing of the new petroleum contracts inspires foreign investments in the sector.

Since 2013, Egypt has signed petroleum exploration agreements with foreign companies with investments estimated at $15 billion. The country has also agreed on the drilling of 300 wells worth $1billion, he added.

Anita Fatunji