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EGPC, BP sign $46 billion- deal on oil exploration in Suez Gulf
The Egyptian Gazette Published in The Egyptian Gazette on 30 - 07 - 2018

CAIRO, July 30, 2018 (MENA) - The Egyptian General Petroleum Corporation (EGPC) and BP-Egypt signed an agreement on oil and gas exploration in northeast Ramadan area in the Gulf of Suez, with investments amounting to 46 million dollars.
The agreement was signed by CEO of the EGPC Abed Ezzelregal and Hesham Mekawi, the regional president, North Africa for BP.
In a statement on Monday, Petroleum Minister Tareq el-Molla said that his ministry is adopting an ambitious plan to beef up investments in the oil and gas exploration and develop discovered oil and gas fields.
The plan aims at increasing crude oil and natural gas production and reserves, the minister said.
Today's agreement brings to 88 the number of new oil and gas deals that have been signed since 2014, he noted.

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