Egypt has said it intends to conclude an agreement with the UAE’s Dragon Oil Co. to increase oil and gas production.
Tarek El-Molla, Egypt’s minister of petroleum and mineral resources, said there are new investments in the Gulf of Suez to explore for oil and gas.
He described these investments as being a priority for his ministry, which is trying to develop and modernize Egypt’s petroleum sector.
He said a seismic survey and data collection program is being implemented in the Gulf of Suez in order to provide new opportunities for exploration and production.
El-Molla added that rising global oil prices have encouraged international companies to increase investment in the sector.