Petroleum ministry, Germany’s DEA sign deal at $ 20 mln

Petroleum Minister Tareq Mulla signed a 20-million-dollar agreement with the German company DEA on oil and natural gas exploration in Ras Badran and Khaleeg el Zeit in the Gulf of Suez.

In a statement on Thursday, Mulla said the petroleum sector adopts an all-out strategy to encourage energy investments.

He said international companies’ keenness to pump more investments into Egypt proves the foreign partners’ confidence in the Egyptian petroleum sector and great potentials to boost production through new discoveries.

He noted that the fruitful partnership with DEA has lasted for more than 45 years and contributed to upping production in the area.

He added that the ministry will sign more agreements to boost investments.

Meanwhile, the DEA director general in Egypt said Egypt’s efforts to develop the oil sector managed to lure investments.

He added that DEA company injected about dlrs 800 million in the Gulf of Suez and Desouq and northern Alexandria in 2017 and 2018.

He added that the company plans to pump additional 700 million-dollar investments within the coming three years.

Source: State Information Service Egypt