Egypt Inks Oil, Gas Exploration Deal With Tharwa Petroleum

The Egyptian petroleum ministry has signed an oil and gas exploration contract with local firm Tharwa Petroleum Company.

As per the deal, the company will explore for oil and gas in Western Desert. Also, the agreement stipulates a minimum investment amount of $15 million in Abu Sinan, an area near the border with Libya, Ahram Online reported citing a statement on the ministry's website.

The government has signed 36 similar deals since November 2013, with an investment amount of $2 billon, said petroleum minister Sherif Ismail in the statement. Ismail said 21 new exploration deals are now being prepared with an additional $10 billion in expected investment.

Thawra Petroleum was established in 2004 and is owned by several government or government-related entities including the petroleum ministry itself.