Egypt’s law number 9 paves way for Gulf of Suez activity

Egyptian President Abdel Fattah El Sisi approved law number 9 for 2019, allowing the Minister of Petroleum, Tarek El Molla, to proceed with the exploration and production (E&P) agreement made with the Egyptian General Petroleum Corporation (EGPC) and DEA Suez GmbH, Amwal Al Ghad reported.

According to the agreement, the company will search for and develop oil at the Ras Budran and El Zeit Bay oil fields in the Gulf of Suez (GOS).

The agreement was signed in March by El Molla; EGPC CEO, Abed Ezz El Regal; and DEA Egypt’s General Manager, Sameh Sabry, with the aim to conduct development programs with minimum investments of $20 million to boost oil production.

 

Source: Egyptoil-Gas

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