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International Majors to Explore Deepwater Concessions in Egypt's West Mediterranean Sea

By Shriya Bhargava
February 16, 2020
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Boat Sailing on Sea

Egypt has entered into initial agreements with international majors Royal Dutch Shell, BP, TOTAL, Chevron and ExxonMobil to explore the deep waters of the Mediterranean Sea located off its north-western coast. In a television interview with Sky News Arabia on Saturday, Egyptian Petroleum Minister Tarek El-Molla said that exploration and production agreements for seven concessions had been signed with these five major international companies because of the large amount of capital investment needed to explore and develop the deepwater concessions. He also stated that drilling on the concessions is expected to commence early next year.

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