Egypt signs nine $1 billion oil and gas exploration deals

Egypt's Minister of Petroleum Tarek al-Molla on Friday said nine $1 billion new oil & gas exploration agreements were signed with local and international companies. The exploration will cover regions in the east and west of the Mediterranean Sea and regional waters of the Red Sea with six large companies for drilling 17 wells.

Egypt signs $1 billion oil, gas exploration deals

"Egypt seeks luring new international investments in gas and oil exploration, and concluding deals with big companies as a priority," he said. He added that developing many items of the oil deals has contributed a lot to boosting the competitiveness of Egypt as an attractive destination for investments amid stable economic conditions and reform.

The nine deals are part of 12-new-agreements that have been targeted since March 2020 with a minimum investment estimated at $1.4 billion for drilling 23 wells, nine of them offshore the Mediterranean and three in the Red Sea, the minister of oil added. Exxon Mobil, Chevron and Total are among the signatories.