CAIRO, MARCH 10, 2018 - Minister of Petroleum and Mineral Resources Tarek el-Mulla highlighted Saturday the importance of geophysical data gathering, especially when it came to Egypt's Red Sea territorial waters. During an inspection tour of a comprehensive data gathering operation, now carried out by an international coalition with total investments of $750 million, el-Mulla added that this process would contribute to international oil companies to the area. More oil discoveries, he said, would increase Egypt's confirmed oil reserves and Egypt's overall petroleum output. Al-Mulla said the ongoing geophysical data gathering would provide enough information about potential oil concentrations in the Red Sea economic waters in preparation for the start of exploration. Egypt's Red Sea waters, he said, had never been used in oil exploration before. He added that this would never have been possible without defining the maritime boundaries with Saudi Arabia.
