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Egypt signed $1 billion oil & gas exploration deal with Shell and Petronas

17 September 2018 , 13:00Neftegaz.RU575

Cairo, September 17 - Neftegaz.RU. The Egyptian Ministry of Petroleum has signed a deep-water oil & gas exploration agreement with Shell and Malaysia’s Petronas, according to a statement issued by the ministry on September 15.


The 1st agreement is with the Egyptian Petroleum Authority, Shell International and Malaysia’s Petronas companies in the deep West Delta maritime region at the Mediterranean, with investments of about $ 1 billion to begin drilling 8 new wells.


The 2nd agreement is with the Petroleum Authority, the Kuwaiti energy companies, the Canadian Dover and Rockhopper to explore the Western Sahara with investments of $10 million and a $2 million signing grant to drill 4 wells.


Minister of Petroleum Tarek El-Molla said that the oil sector continues to put forward international bids and sign new agreements on Egypt’s land and sea, to develop the country’s oil & gas resources, leading to increased oil production to meet the needs of the local market and reduce the oil imports.


He added that the reforms Egypt has passed on oil & gas over the past years have yielded outstanding results. The oil sector managed from June 2014 until now to sign 63 new oil & gas exploration deals along with exploration agreements with a total investment of at least $ 15 billion.


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