Egypt signs oil, gas exploration deals worth $1 billion

The new agreements will allow the firms to conduct exploration in the eastern and western Mediterranean as well as the Red Sea.

MENA

1 min read

The New Arab Staff

02 January, 2021

Petroleum minister Tarek el-Molla said Egypt is securing new international invesment [Getty/ Archive]

Egypt has signed nine oil and gas exploration agreements worth $1 billion with major local and international firms.

Energy giants Exxon Mobil, Chevron, Total, BP and Shell were among the companies to ink deals with Cairo.

"Egypt seeks luring new international investments in gas and oil exploration, and concluding deals with big companies as a priority," Minister of Petroleum Tarek el-Molla said in a statement late on Friday.

Since March, Egypt has targeted 12 new agreements with an estimated minimum investment of $1.4 billion for drilling 23 wells, el-Molla said.

The agreements will allow the firms to conduct exploration in the eastern and western Mediterranean as well as the Red Sea. Six firms will drill 17 wells as part of the exploration, he added.

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