Egypt’s Ministry of Petroleum and Mineral Resources has signed two investment deals worth a combined $342 million with international oil companies (IOCs) Shell, Petronas and Cheiron Energy to boost oil and gas production.
The agreements were signed by Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi and executives from the respective IOCs on July 28.
The first deal, valued at $222 million, will see the implementation of the tenth phase of the West Delta Deep Marine project. The project’s tenth phase will include drilling three wells in the concession and establishing marine facilities, increasing production to between 150 to 200 million cubic feet before the end of the year.
The second deal will see $120 million directed towards the Geisum and Tawila West Concession in the Gulf of Suez and increase oil production from 21,000 barrels per day (bpd) to 26,000 bpd. The investment will be used to drill nine additional wells, five of which will be exploratory wells.
