Egypt Signs 12 Deals for Gas, Oil Exploration in Mediterranean, Red Sea

Egypt Signs 12 Deals for Gas, Oil Exploration in Mediterranean, Red Sea

Egypt has signed nine new agreements, valued at more than $1 billion, with six local and international companies for exploration of oil and natural gas, announced Ministry of Petroleum and Mineral Resources.

The ministry said in a press statement that the companies will drill 17 wells in the eastern and western Mediterranean Sea and regional water of the Red Sea.

The nine deals were concluded with Exxon Mobil Corporation, Chevron Corporation, South Valley Egyptian Petroleum Holding Company, and Total along with its partners: Kuwait Foreign Petroleum Exploration Company (KUFPEC), Shell, and Tharwa.

Egypt's Minister of Petroleum Tarek al-Molla announced that the nine deals are part of 12 new agreements that the ministry has concluded since March 2020 for drilling 23 wells, nine of them offshore the Mediterranean and three in the Red Sea.

The remaining agreements will be completed during the coming period.

Molla explained that the ministry's new strategy to promote investment opportunities helped attract new international investments in oil and gas exploration and conclude new partnerships with giant and major companies in the global petroleum industry.