Agreement reached between Petroleum Ministry, BHGE to market petroleum exploration

Minister of Petroleum and Mineral Resources Tarek El-Molla signed a cooperation agreement between the Ministry of Petroleum and Baker Hughes, a GE Company (BHGE) to launch a project to create an Egyptian portal for the marketing of petroleum exploration areas electronically.

This agreement came in order to attract investments from international companies and promote these areas and investment opportunities through a sophisticated, modern platform.

El-Molla said that the project comes within the framework of the development and modernisation programme being implemented by the state. He pointed out that the project aims to develop advanced mechanisms to market oil and gas exploration areas through the internet, adding that the project is a roadmap for placing promising petroleum areas on the global investment map in oil and gas exploration activities.

The agreement was signed by Ashraf Farag, undersecretary of the ministry for agreements and exploration, and Ayman Khattab,president and CEO of GE for North East Africa.

The agreement provides for the provision of digital infrastructure and appropriate electronic applications to support the project and enhance the predictive ability of the accounting information for the management of international bid rounds for oil and gas exploration. In addition, the project will assist in the preparation of a digital investment map for bid areas through the use of modern electronic applications in marketing operations for exploration and production activities.The agreement will also enhance human resources, the quality of exploration activities, and contribute to decision-making and lay the foundations for the flow of information.