Egypt Independent

Minister signs new agreement to excavate petroleum in Suez Gulf



Petroleum Minister Tareq al-Molla signed a new agreement for excavating petroleum and natural gas in the Gulf of Suez with Ganoub El Wadi Petroleum Holding Company and Trident Petroleum Egypt with minimum rate of investments reaching US$4.5 million and a signing bonus of US$500,000.
 
Six excavation wells will be dug southwest of Ta’er al-Bahr on an area of 191 square kilometers.
 
The agreement was signed by the minister and each of Abu Bakr Ibrahim, head of Ganoub Al-Wadi company, and Ihab Awad, head of Trident company.
 
The agreement, according to Molla, will take part in pumping new investments in order to intensify efforts of excavation to increase the reserve and production of petroleum wealth and meet the needs of the market.
 
Edited translation from Al-Masry Al-Youm