Egypt plans to conclude oil, gas deal with UAE company

Egypt plans to conclude oil, gas deal with UAE company
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Updated 08 September 2021
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Egypt plans to conclude oil, gas deal with UAE company

Egypt plans to conclude oil, gas deal with UAE company

Egypt has said it intends to conclude an agreement with the UAE’s Dragon Oil Co. to increase oil and gas production.


Tarek El-Molla, Egypt’s minister of petroleum and mineral resources, said there are new investments in the Gulf of Suez to explore for oil and gas.


He described these investments as being a priority for his ministry, which is trying to develop and modernize Egypt’s petroleum sector.


He said a seismic survey and data collection program is being implemented in the Gulf of Suez in order to provide new opportunities for exploration and production.


El-Molla added that rising global oil prices have encouraged international companies to increase investment in the sector.