CAIRO – Egyptian Minister of Petroleum and Mineral Resources Tareq el-Molla signed two new agreements with Canada’s TransGlobe Energy Corporation and Pharos Energy, a growth-driven oil and gas company, for oil exploration, development and production in several areas in eastern and western deserts at total investments of $506 million, according to a statement by the ministry on Thursday.
The two companies will be in charge of digging 12 wells for exploring oil in the relevant areas, said the statement.
The first deal with the Canadian company aims at pumping new investments for exploration, development and production of crude oil, according to it.
The statement added the second agreement with Pharos Energy is intended to pump investments in Fayyoum area in western desert.
The signing of the deals is an extension of agreements that have been recently inked with petroleum companies working in Egypt as part of ongoing efforts exerted by the ministry to encourage companies to pump more investments in the country, said Molla.
He added the two deals will up production rates of crude oil.
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