Skip to content Skip to Search
Skip navigation

Egypt expects oil and gas discoveries in Red Sea region

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.

Latest articles

Saudi Data and Artificial Intelligence Authority (SDAIA) director Dr Esam bin Abdullah Al-Wagait

IBM to help Saudi Arabia train AI models in Arabic

Saudi Arabia has signed a deal with US tech giant IBM to develop the kingdom’s generative artificial intelligence (AI) capabilities. The Saudi Data and Artificial Intelligence Authority (SDAIA) said on Tuesday that its Arabic language AI model, ALLaM, will be trained on IBM’s platform to run more efficiently. This will also add new language skills […]

Marina Storti, CEO of WTA Ventures, front right, and Kevin Foster, head of communications at PIF, front left, at the signing of the sponsorship agreement between the two

PIF to sponsor women’s world tennis rankings

Saudi Arabia’s Public Investment Fund (PIF) is giving its name to the women’s world tennis rankings, the latest sponsorship deal in the kingdom’s drive to dominate global sports.  “The PIF WTA Rankings will track players’ journeys, and PIF will work with the WTA to celebrate and support players’ progress,” PIF said, calling the deal “multi-year”.  […]

Adnoc’s investment in Mozambique aligns with its expansion strategy for a lower-carbon LNG portfolio

Adnoc buys 10% in LNG project in Mozambique

Abu Dhabi National Oil Company (Adnoc) has acquired a 10 percent stake from Portugal’s Galp Energia in the Rovuma basin concession in Mozambique as part of its global growth strategy.  The acquisition will allow the UAE energy major a share of the liquefied natural gas (LNG) production from the concession, which has a combined production capacity […]

Italy won't let the Fiat Topolino fly the Italian flag because Stellantis makes it in Morocco

Stellantis to remove Italian flag from Fiats made in Morocco

The automobile giant Stellantis will remove the Italian flag from its Fiat Topolino model after being accused of breaking Made In Italy laws because the car – technically a quadricycle – was produced in Morocco. Dozens of the vehicles were seized at the port of Livorno for violations of the law, which insists on strict […]