São Paulo – The Egyptian Ministry of Petroleum and the state-owned oil Tharwa Petroleum Company have signed an agreement whereby the company will drill for oil and gas in Egyptian territory.
According to a press release issued this Tuesday (21st) by the ministry, the agreement provides that Tharwa will look for oil in the desert in the Abu Sinan area, near the Libyan border. The minimum forecast investment is US$ 15 million.
According to the AlAhram newspaper, the Egyptian government has signed 36 agreements of this type since late last year. These exploration projects have accounted for a combined US$ 2 billion in investment. Another 21 oil exploration contracts are in the pipeline, with a budget of US$ 10 billion.
*Translated by Gabriel Pomerancblum
