Egypt works to increase its oil production

Cairo, Mar 21 (Prensa Latina) Egypt is currently making progress in the three-dimensional seismic surveys conducted in the Red Sea coast on an area of 6,700 square kilometers, as part of its efforts to increase oil production, an official source reported.

March 21, 2022
10:33

Minister of Petroleum and Mineral Resources Tarek El Molla stated that the survey will pave the way for carrying out future crude oil and gas exploration activities in the area.

El Molla pointed out that in recent years, the country signed three agreements with the companies of Chevron, Shell and Mubadala Petroleum to search for gas and oil in this area.

In late 2021, the Cabinet’s Information and Decision Support Center revealed that Egypt signed 99 contracts in the last seven years in the petroleum sector with total investments of 17 billion dollars.

During that period, 45 projects were implemented to develop oil fields and six to build refineries.

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