Egypt’s Minister of Petroleum and Mineral Resources, has signed two $342 million agreements with international companies for natural gas exploration and production.

The first agreement, involving the Egyptian General Petroleum Corporation (EGPC), Shell Egypt, and Malaysia's Petronas, allocates $222 million to the West Delta area to boost natural gas production. This project will include drilling three new natural gas wells, aiming for a production capacity of up to 200 million cubic feet by the end of 2024.

The second agreement, also with EGPC, alongside Cheiron Energy and the Kuwait Foreign Petroleum Exploration Company (KUFPEC), commits around $120 million to enhance production and exploration in the Geisum and Tawila West areas of the Gulf of Suez. This plan includes drilling nine wells, three of which are exploration wells, with an expected increase in crude oil production from approximately 21,000 to 26,000 barrels per day.

The agreement includes the drilling of nine wells, three of which are exploration wells, and is projected to boost crude oil production from about 21,000 to 26,000 barrels per day.

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