Egypt’s Minister of Petroleum & Mineral Resources, Tarek El-Molla has signed two agreements between the Egyptian General Petroleum Corporation (EGPC) and the Egyptian National Petroleum for Exploration and Development Company (ENPEDCO) to explore new petroleum and gas wells in the country's Western Desert.
The agreement stipulates that ENPEDCO is committed to drilling four exploratory wells located at southeast of Abu Sinan and southeast of Ras Qatara in the Western Desert with a minimum investment of $4 million.
Minister of Petroleum Tarek el-Molla said that the oil sector aims at focusing on new geological structures with promising prospects in Western desert, which requires increased research and exploration in the region.
Molla also said that the ministry is working to encourage Egyptian companies engaged in research and exploration activities, giving them opportunities to expand their activities and strengthen their role in implementing the ministry's work program to develop Egypt's oil and gas resources.
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