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8 deals exploring petroleum fields to be sealed soon: minister

Monday 18 September 2017 09:36 PM

Tarek El-Mohla
Tarek El-Mohla

By Nesma Bayumi
Ministry of Petroleum and Mineral Resources is reviewing Egypt's vast arid land in the Eastern & Western Desert as well as  the Suez Gulf, as it seeks security approvals before  initiating new tenders for exploring gas and oil  there, in addition to 8 exploration deals due to be sealed soon, according to minister Tarek El-Molah.
" Egypt seeks to boost  projects   developing the natural gas fields before it decides to cut off oil imports by late 2018 with liquified gas imported by Egypt in  January to late August  amounting to 72 shipments at a cost of USD200mn," El-Molah told Al-Mal newspaper on the sidelines of Euromoney Conference.
Aiming at  meeting self-sufficiency targets, the ministry is expediting  carrying out 9 projects for developing and producing gas drilled from the discovered fields at USD30bn investments, notably Zohr, North of Alexandria, Atol, North, according to El-Molah.
" The petroleum sector, represented by the Egyptian Natural Gas Holding Company ( EGAS), and subsidiaries have intensified efforts to provide housing units with natural gas, driving up number to 8.2 million flats,"