Egypt, Germany Sign Gas Exploration Agreement in Nile DeltaPetroleum Minister Tarek El-Molla with the heads of the Egyptian and German companies (Asharq Al-Awsat)Cairo- Asharq Al-AwsatEgypt signed a new oil and gas exploration agreement at Nile Delta with Germany’s Wintershall DEA with minimum investments of $43 million, the petroleum ministry announced on Monday. Petroleum Minister Tarek El-Molla signed the agreement, which includes Nile Delta’s East Damanhour exploration bloc, between Egyptian Natural Gas Holding Co. (EGAS) and Wintershall Dea. In a press statement, the minister said that the continued petroleum agreements with international companies would achieve vital goals for the Egyptian economy. Those include, according to Molla, increasing the flow of investments and enhancing oil and gas production and reserves. The minimum investment is $43 million to drill eight wells, with a signature grant of $11 million, according to the statement.

Source: The North Africa Journal February 11, 2020 12:32 UTC