Cairo: Egypt has signed four agreements with international companies to explore oil and gas in the Mediterranean Sea and Nile Delta, with total investments exceeding USD 343 million. The agreements, facilitated by the state-owned Egyptian Natural Gas Holding Company (EGAS), involve the drilling of 10 oil and gas wells, as announced by the Petroleum Ministry in a recent press release.
According to Kuwait News Agency, the first agreement was concluded with oil giant Shell, involving investments valued at USD 120 million. This deal covers the drilling of three wells in the Mediterranean's Merneith offshore area. The second agreement was signed with Italy's Eni, valued at USD 100 million, to drill three wells in the East Port Said offshore area.
The third agreement, worth USD 14 million, was awarded to Russia's Zarubezhneft for the drilling of four wells in the onshore North Al-Khatatba area in the Nile Delta. Additionally, EGAS signed the fourth agreement with the international company Arcius Energy, valued at USD 109 million.
These agreements underline the Petroleum Ministry's ongoing efforts to enhance Egypt's oil and gas exploration and production capabilities.