Egypt has signed three deals with two U.S. companies, on oil drilling in the Western Desert of the Arab country, the Egyptian Oil Ministry said.

The three deals signed with Apache and Merlon Oil Corporations are worth about 80 million U.S. dollars, including the digging of 17 wells for oil exploration, in Egypt’s Western Desert, said the statement.

“The strategy of the Ministry of Petroleum aims to attract further foreign investments, in the field of oil and gas exploration, to make use of the oil and gas potentials in several areas of the country,” said Egyptian Minister of Petroleum, Tarek al-Molla.

Located in North Africa, and enjoying massive oil and gas potentials, Egypt attracted several international firms for oil exploration, over the past years.

Italy’s oil giant, Eni, said earlier in Aug, that, it intended to pump investments of 3.5 billion U.S. dollars into Egypt, in 2018, representing half of the company’s annual investments.

The Italian company, which has been operating in Egypt for over 60 years, announced in Aug, 2015, the discovery of the largest gas field in the Egyptian offshore, of the Mediterranean Sea

Source: NAM News Network