Minister of Petroleum Sherif Ismail said the Egyptian General Petroleum Corporation (EGPC) has faced several major challenges over the recent years due to the country’s conditions that led to lack of liquidity needed for importing crude products, in addition to increased arrears to foreign firms, Masrawy website cited a statements issued by the ministry.
The minister also announced signing oil and gas exploration deals worth $187 million with several Western companies and a Tunisian firm, the ministry said on Friday.
The agreements cover seven exploration areas. Germany's RWE won two exploration blocks in the Gulf of Suez, while Tunisia's HBSI, Canada's TransGlobe and Italy's Edison secured five blocks in Egypt's western desert.