Terra Petroleum will begin operations in Egypt for the first
time in the Northwest Al Maghrah area in the Western Desert, with initial
investments estimated at around USD 6.5 million. The program aims to drill
three wells within the concession area. It also includes conducting two
dimensional and three dimensional seismic surveys.
The agreement was signed by Engineer Salah Abdel Karim,
Chief Executive Officer of the Egyptian General Petroleum Corporation, and Dr.
Ayman Fawzy, Chief Executive Officer of Terra Petroleum in Egypt, in the
presence of the ministry undersecretaries for production and for agreements and
exploration, as well as the EGPC Executive Vice President for agreements.
Badawi welcomed the leadership of Terra Petroleum and
affirmed that the agreement reflects the confidence of international companies
in Egypt’s petroleum investment climate, given its stability and continuous
development. He added that the ministry is working to provide full support to
serious companies and to create a stimulating investment environment that
contributes to accelerating exploration activities and increasing production
rates.