Egypt Signs New Exploration Agreements for the Western Desert and Mediterranean Sea
According to a statement released on Monday by Minister of Petroleum, H.E. Tarek El Molla, Egypt has signed nine new agreements with international oil & gas companies for undertaking exploration and production activities in the Western Desert and border areas of the Mediterranean Sea. Agreements have been signed by Royal Dutch Shell Plc, Apache Corp., Petroliam Nasional Bhd (PETRONAS) and BP Plc, as well as state-owned Egyptian General Petroleum Corp. (EGPC) and Egyptian Natural Gas Holding Co. (EGAS). Under the terms of the agreements, the companies have agreed to a minimum committed investments of US$452 million. Each of the nine agreements also include additional grants worth US$84 million to be allocated to the drilling of 38 onshore and offshore wells.