x

Abu Dhabi, UAETuesday 18 September 2018

Egypt deal with Schlumberger for oil survey

Agreement to conduct seismic survey in the Gulf of Suez as part of push to attract exploration investment

Oil services major Schlumberger has signed a deal to survey for deposits in the Gulf of Suez. Heinz-Peter Bader/Reuters
Oil services major Schlumberger has signed a deal to survey for deposits in the Gulf of Suez. Heinz-Peter Bader/Reuters

Egypt has signed a deal with oilfield services company Schlumberger to conduct a seismic survey in the Gulf of Suez, the oil ministry said on Wednesday, part of efforts to encourage firms to invest in exploration work in the area.

The oil ministry announced an agreement with an international company on Monday to conduct a seismic survey of the Gulf of Suez to attract exploration investment, but did not identify the company and gave no details.

The deal, signed on the sidelines of an energy conference in Cairo, allows Schlumberger to start work on the survey.

The ministry did not give the value of the deal.

Egypt has been on a drive to attract more investment in its energy sector and speed up production at recent discoveries in order to become gas self-sufficient by the end of 2018.

_______________

Read more:

Halliburton tops forecasts as revenues surge

IMF says Egypt’s reform programme on track as GDP growth exceeds forecast

_______________

"The region is still full of promising petroleum prospects that require further work and studies to re-discover the gulf's petroleum reservoirs and those that have not yet been discovered," Egyptian petroleum minister Tarek El Molla said.

Mr El Molla also oversaw the signing of another agreement with Schlumberger that included a data centre on areas open for exploration in Egypt, also part of the country's efforts to make it easier for foreign companies to invest in exploration work.

Egypt last year began production at its mammoth offshore Zohr gasfield in the Mediterranean, with initial output of 350 million cubic feet per day. Discovered in 2015 by Italy's Eni , the field contains an estimated 30 trillion cubic feet of gas.

RELATED ARTICLES
Recommended