Image: Financial Tribune
Egypt’s Minister of Petroleum and Mineral Resources, Tareq el Molla signed two deals worth
over $1 billion with international firms for the exploration of petroleum in the Mediterranean
and the Western Desert on Saturday.
The two deals will include the drilling of 12 wells.
As the North African country works towards its goal of being a regional hub for the trade of
liquefied natural gas, it signed a deepwater oil and gas exploration deal with Royal Dutch Shell
and Petronas worth $1 billion for the drilling of eight wells.
Additionally, the ministry signed a further $10 million exploration deal with LSE-listed
Rockhopper Exploration, Kuwait Energy and Dover Corporation for exploration in the Western
Desert.
In a statement, Minister el Molla affirmed that the petroleum sector will proceed with offering
international bids, as well as signing new agreements with the aim of boosting Egypt’s
production of petroleum and gas to reduce imports.
Since 2014, Egypt has signed 63 new deals for the exploration of oil and gas, which is worth about $15 billion.
