Egypt’s Ministry of Petroleum and Neptune Energy have signed a $35 million gas exploration
deal to drill three wells in the North West El Amal offshore concession.
“Our strategy is to invest and grow our presence in Egypt, which is an important market for
Neptune. We are committed to strengthening our presence in North Africa through
exploration and production activities. This is another important step for Neptune in the
region and we’re pleased to build on our strong relationships with our partners and with the
Ministry,” said Neptune Energy CEO, Jim House.
The Ministry also signed an $8.5 billion agreement with the UK’s BSW Group, for the
construction of a refining and petrochemical complex in New Alamein City on the
Mediterranean coast.
The project by BSW Group Holdings is expected to have an annual capacity of 1.5 million
tons and will exploit petrochemical crude oil generated in the Western Desert fields. An
estimated 1 million tons of gasoline, Mazut and kerosene will be generated every year.
