February 12, 2018 / 9:49 AM / 3 months ago

Egypt steps up efforts to attract Gulf of Suez investment

CAIRO (Reuters) - Egyptian oil minister Tarek El Molla on Monday announced an agreement with an international company to conduct a seismic survey of the Gulf of Suez to attract exploration investment in the area.

Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources, speaks on the telephone during an interview with Reuters at his office in Cairo, Egypt, October 29, 2015. REUTERS/Amr Abdallah Dalsh

Molla also said that Egypt was working to improve the quality of fuel products in cooperation with foreign marketing companies.

“An agreement was signed between the oil sector and one of the major international companies to conduct a regional seismic survey in the Gulf of Suez that will help attract global companies to intensify search and exploration work,” Molla told an energy conference in Cairo.

    He did not name the company or give any details on the agreement.

    Egypt last year began production from it’s mammoth offshore Zohr gas field in the Mediterranean, with initial output of 350 million cubic feet per day.

    Discovered in 2015 by Italy’s Eni (ENI.MI), the field contains an estimated 30 trillion cubic feet of gas.

    Reporting by Mostafa Hashem; Writing by Sami Aboudi; Editing by David Goodman

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