Cairo - Minister of Petroleum and Mineral Wealth Tarek el Molla, on Wednesday, said the maritime demarcation agreement between Egypt and Saudi Arabia will open the way for exploration of gas, oil and gold in the Red Sea. In a meeting with journalists earlier in the day, el Molla said five international companies will finish carrying out a seismic survey for oil and gas exploration in the Red Sea by the end of 2018. It was agreed with Saudi Arabia to exchange data and information on common areas, the minister said, pointing out that expansions in Egypt's oil refineries are expected to provide 90% of the petroleum products needed in the local market. In April 2016, Egypt and Saudi Arabia signed the agreement on maritime border demarcation, marking the islands of Tiran and Sanafir within Saudi regional waters.
