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Egypt expects oil and gas discoveries in Red Sea region

By Pramod Kumar
REUTERS/Agustin Marcarian
Offering international bids and expanding exploration operations required to boost oil and gas reserves, says minister.

Egypt has inked three agreements to look for oil and gas reserves in the Red Sea region with major international companies, Egypt Today reported, citing Minister of Petroleum Tarek El-Molla.

Seismic research is currently being completed in preparation for the start of drilling operations, he said, adding there were good petroleum prospects in the Red Sea region.

The minister said offering international bids and expanding exploration operations were required to boost oil and gas reserves.

El-Molla said that a diesel production complex is being implemented in Assiut, which will contribute to meeting the gasoline and diesel needs of Upper Egypt.

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