Egypt’s Ministry of Petroleum and Mineral Resources has signed investment deals worth a total of $340 million with three oil and gas companies to boost production.
The agreements, finalized on Sunday, involve Shell Egypt, Petronas Gas, and Cheiron Energy. These deals aim to enhance oil and gas output in the Mediterranean and Gulf of Suez regions.
The first agreement, valued at approximately $222 million, is a joint venture between Shell Egypt and Malaysia’s Petronas, Energy News Africa reported on Tuesday.
This investment, part of the tenth phase of the West Delta Deep Mining Project, includes drilling three wells and establishing marine facilities to increase oil and gas production and recoverable reserves.
A second deal, worth $120 million, was signed with Cheiron Energy. This agreement involves drilling nine new wells, including three major exploration wells, and is expected to raise oil and gas production in the Gulf of Suez from 21,000 to 26,000 barrels per day.
Petroleum Minister Karim Badawi, who has emphasized plans to boost Egypt’s oil and gas production, highlighted the importance of research and exploration to expand reserves, enhance production capacity, and develop infrastructure to reduce costs. The investment is intended to leverage advanced technologies to increase production and improve the economic viability of Egypt’s oil and gas sector.
