Egypt has signed three new agreements for oil and gas exploration in the Western Desert of Egypt with the Egyptian General Petroleum Corporation and the American companies Apache and Merlon.
The nation has invested close to $79 million, according to a statement released by Egypt.
Following the agreement signing, Minister of Petroleum and Mineral Resources, Tariq Al-Mulla said that the ministry’s strategy aims to attract more foreign investments in the field of oil and gas exploration.
Mulla also added that American companies are an important partner and a key player in the production of oil and gas in Egypt and that the Western Desert region is one of the most important areas of interest to US companies, which contributed to the continued outstanding results for oil activity in that region.
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