Middle EastOffshore

Egypt inks oil and gas exploration agreements worth $1.4bn

Egypt’s Ministry of Petroleum and Mineral Resources has signed a series of new petroleum agreements for oil and gas exploration in the Mediterranean and Red Sea with six major international and Egyptian companies.

The deals are with six international and local companies, while three further agreements are pending approval in the near future.

The deals target the drilling of 23 wells in nine regions, with total investment involved in the projects around $1.4bn.

According to Egyptian Minister of Petroleum Tarek El-Molla, in addition to its existing cooperation with companies such as Shell, BP and Total, it was forging new partnerships with Exxon Mobil and Chevron, which are entering Egypt for the first time to invest in oil and gas exploration projects.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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