Petroleum Ministry signs agreement to market Oil discoveries

The Ministry of Petroleum signed a cooperation agreement during EGYPS 2018, with Baker Hughes International Company to launch the operations of Egypt Gate project to market the petroleum zones and oil discoveries, attracting international companies’ investments to these areas.

Egypt Gate project aims to develop advanced mechanisms for the marketing of oil and gas exploration areas through the International Information Network, Minister of Petroleum Tarek al-Molla commented.

Molla added that this project is considered as a milestone to adding the rising petroleum zones on the international investment map.

The agreement was signed by undersecretary for agreements and exploration Ashraf Faraj, and vice president of Baker Hughes AG Ayman Khattab.

The agreement states that the government provides the company with digital infrastructure and electronic applications to support the project and to enhance the predictive ability of the accounting information for the management of global bidding rounds for oil and gas exploration.

It also states that the company prepares a digital investment map to the outbidding areas.