Thursday, January 20, 2022 – 2:57 pm
Cairo, January 20/WAM/ The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, signed two new agreements with the Canadian “Transglobe” company and Pharos Energy to search for, develop and produce oil in several regions in the Eastern and Western Desert, with total new investments amounting to a minimum of $506 million. Signing of $67 million to drill 12 wells.
The first agreement with the Canadian Transglobe Company includes merging the regions of North West Gharib, West Gharib and West Bakr in the Eastern Desert and pumping new investments for research, development and production of crude oil, while the second agreement with Pharos Energy aims to inject investments for research, development and production of crude oil in the Fayoum region in the Western Desert.
Eng. Tarek El Molla said that the two agreements aim to increase crude oil production rates in light of the agreement to pump more investments in a number of concession areas and use the latest technologies applied in the fields of research, drilling and production, which contributes to increasing oil reserves and production in those areas.
Wam/QR/Asim Al-Khouli