Egypt Signs Exploration Deals with Shell, Petronas

Egypt has signed oil and gas exploration agreements with Shell and Malaysia’s Petronas, country oil ministry said  September 15.

As per the agreement, Shell and Petronas will invest $1bn to drill eight well in West Nile Delta region in the Mediterranean. Egypt also signed a $10mn agreement with UK-based Rockhopper, Kuwait Energy and Canada’s Dover Corporation to drill four wells in the Western Desert.

Tariq Al Mulla, minister of petroleum and mineral resources said Egypt will continue to sign onshore and offshore oil and gas exploration deals to meet energy needs of the local market and reduce imports. He added that the reforms implemented by the Egyptian government in the field of oil and natural gas over the past years have “yielded outstanding results”. Since June 2014 Egypt has signed 63 new oil and gas exploration agreements with a total investment potential of up to $15bn, the minister added.