Egypt, Neptune Energy sign exploration agreement for Gulf of Suez – ZAWYA

Egypt, Neptune Energy sign exploration agreement for Gulf of Suez – ZAWYA

The signing took place on the side-lines of Egypt Petroleum Show (EGYPS) 2020.. According to the agreement, Neptune will invest a minimum of $35m and an $11m grant for drilling 3 wells and will acquire 100 square km of 3D seismic data and drill one exploration well in the first phase, with two further wells planned in phase two.. Neptune said on Wednesday that the signing underlines the company's commitment to growing its presence in North Africa, an important region for the business.. House said, "Our strategy is to invest and grow our presence in Egypt which is an important market for Neptune.. We are committed to strengthening our presence in North Africa through exploration and production activities..