The second agreement with Pharos Energy aims to inject investments in research, development and production of crude oil in the Fayoum region in the Western Desert. From the two agreements, Egypt aims to increase crude oil production rates, in light of the agreement to pump more investments in a number of concession areas, and to use the latest technologies applied in the fields of research, drilling and production to increase reserves and oil production in those areas. In December, the Ministry of Petroleum and Mineral Resources signed a new agreement with the American company Apache. The agreement commits Apache to spend a minimum of $3.5 billion in research, exploration, development and production in the concession areas in the Western Desert of Egypt. A few days earlier, Egypt signed another agreement with the Italian company Eni, worth $1 billion.
