US EditionEgypt Signs $340m Oil, Gas Exploration Deals
Egypt aims to reverse a 40% decline in natural gas production since 2021 by investing over $340 million in 10 new wells through partnerships with major international energy firms.
- On Saturday, Egypt's Egyptian Natural Gas Holding Company signed four exploration deals valued at $340 million to drill 10 new wells, the Petroleum Ministry announced.
- Facing a steep output drop, Egyptian officials said Egypt's natural gas production fell more than 40 from early 2021, prompting the first phase of Egypt's exploration strategy to attract investment and boost production.
- Shell's deal specifies a $120 million investment to drill three wells in Merneith, Italy's Eni pledges $100 million for three wells at East Port Said, and Arcius Energy commits $109 million for North Damietta exploration.
- The ministry said the pacts will expand gas reserves, support production growth, attract investment, and reassure lenders and investors amid economic pressures, Minister Karim Badawi said.
- Officials stress a strategy of geopolitical balance by partnering with Western majors, Gulf-backed ventures and Russian firms, while Asharq Al-Awsat says discoveries could help stabilise Egypt's energy balance in the coming years, though observers caution output decline may continue.
16 Articles
16 Articles
Egypt signs $340m oil, gas exploration deals
Egypt has signed four agreements with international firms worth more than $340 million to explore oil and gas in the Mediterranean and Nile Delta, the Petroleum Ministry said on Saturday. The deals, signed by the state-owned Egyptian Natural Gas Holding Company (EGAS), provide for the drilling of 10 wells as part of the ministry's efforts to boost exploration and production. Egypt, once a regional exporter, has increasingly turned to imports to …
Egypt Secures $340 Million in New Oil and Gas Investments
The Egyptian Petroleum Ministry announced on Saturday 30 August that Egypt has concluded four oil and gas exploration deals with global companies worth over USD 340 million (EGP 17 billion). The agreements, signed through the state-owned Egyptian Natural Gas Holding Company (EGAS), include plans to drill 10 wells as part of the government’s strategy to expand exploration and strengthen output. Once a net exporter of energy, Egypt now depends mor…
Egypt signs $340 mln oil, gas exploration deals with four firms
Egypt has signed four agreements with international firms worth more than $340 million to explore oil and gas in the Mediterranean and Nile Delta, the Petroleum Ministry said on Saturday. The deals, signed by the state-owned Egyptian Natural Gas Holding Company (EGAS), provide for the drilling of 10 wells as part of the ministry's efforts to boost exploration and production. Egypt, once a regional exporter, has increasingly turned to imports to …
Atlasinfo.fr: l'essentiel de l'actualité de la France et du Maghreb
Maroc DiplomatiqueEgypt has signed four agreements with international companies to explore oil and gas in the Mediterranean and in the Nile Delta, announced Saturday the Ministry of Oil and Mineral Resources. These contracts, concluded by the public company "Egyptian Natural Gas Holding Company" (EGAS) for a total value of more than $340 million, provide for the drilling of ten wells as part of the first axis of the company's strategy to strengthen exploration an…
Dalia El-Gabry of Shell Egypt Signs $120M Exploration Deal as Egypt Secures $343M in New Energy Investments - Top 50 Women Forum
Egypt has taken a significant step toward strengthening its energy sector, signing four new oil and gas exploration agreements worth a total of $343 million with major international companies. Among the most prominent signings was Dalia El-Gabry, Chairperson of Shell Egypt, who led the company’s commitment to a $120 million offshore exploration project in the Mediterranean. The agreement, one of four signed at a ceremony attended by Petroleum an…
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