Egypt signs nine oil, gas deals with int’l firms

CAIRO, Egyptian oil minister Tareq Al-Mulla signed nine agreements with four international oil companies for oil and natural gas exploration in the Mediterranean and Western Sahara, investments worth around USD 452.3 million, the oil ministry said in a statement Monday.

It added the agreements with Shell, Apache Oil Corporation, Petronas and BP aimed at drilling 84 off-shore wells and in the Sahara.

It quoted Al-Mulla as saying Egypt sought more oil agreements to develop the production of oil and gas.

Realizing new oil and gas discoveries will contribute to the development of oil and gas reserve, thus sustainability of the energy sector.

Egypt, which signed 79 oil agreements since July 2014, is working on becoming a regional oil and gas production hub.

Source: Kuwait News Agency