Arab Finance: Minister of Petroleum and Mineral Resources Engineer Tarek El-Molla and CEO of ADES Holding Company Mohamed Farouk witnessed the signing of two agreements for exploration and production services in selected areas of brownfields in the Gulf of Suez, as per a statement.
The agreements were signed between the alliance of Adis Petroleum Drilling Company, Gharib Oil Company, Suez Oil Company (SUCO), and Offshore Shukeir Oil Company (OSOCO).
The signed agreements mark the outcome of the first-of-its-kind global tender launched by the Egyptian General Petroleum Corporation (EGPC) for brownfields in the Gulf of Suez in 2023.
El-Molla emphasized that the agreements aim to maximize the potential of brownfields as increasing production rates in these fields improves economic performance and reduces import bills.