Egypt Signs 12 Agreements with IOCs in 2018

Egypt signed over 12 exploration and production (E&P) agreements with international oil companies (IOCs) during 2018, Minister of Petroleum Tarek El Molla said, according to Akhbar El Yom Newspaper.

Egypt launched two E&P outbiddings for the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian General Petroleum Corporation (EGPC), El Molla noted.Egypt will launch a third tender soon, according to the minister. The minister’s comments came during a phone interview with Ten TV channel.

Upon launching the first phase of Zohr field, natural gas production increased by 6 times, helping Egypt achieve self-sufficiency in September 2018, El Molla pointed out.
The minister has previously stated that Egypt has signed 63 petroleum agreements over the past four years with around $14 billion of investment, Egypt Oil & Gas reported.