Agenzia Nova - Saudi drilling company Ades has signed a 66-year, $XNUMX million investment deal with its subsidiaries in Egypt to boost production from the North African country's oil fields. In a statement released to the group tadawul, stock market index of Saudi Arabia, Ades Holding Co. revealed that the agreement has a duration of ten years, with the possibility of extending it for a further decade, and includes a long-term commitment to invest 30 million dollars in the Egyptian Suez Oil Co. (Suco) and 36 million in dollars in the Egyptian Offshore Shukeir Oil Co. (Osoco), in the first three years of the contract to achieve production increases.

The signing ceremony of the two agreements was presided over by Tarek el Molla, Egyptian Minister of Petroleum. The directors and presidents of a consortium made up of also participated in the ceremony Ades Holding Co. and Egypt's Gharib Integrated Oil Services Co., Suco and Osoco. 

The agreement is expected to begin operations within the next 90 days. Saudi Ades is expanding its operational presence in several countries. In November 2023, the company secured three new contracts totaling $293 million, marking its entry into Indonesia and strengthening its presence in Algeria.

Previously, the company announced its entry into Southeast Asia with a long-term contract worth $214 million with Pertamina Drilling Services Indonesia, which is expected to start in the second half of this year. Based in Al Khobar, Ades It has more than 7.500 employees and 87 rigs in seven countries in the Middle East and North Africa region and India.