10 New Wells as Part of Strategy to Intensify Gas Exploration

10 New Wells as Part of Strategy to Intensify Gas Exploration                         

Egypt signs 4 agreements with international companies, including the UAE, to explore for gas and oil.

The Egyptian Natural Gas Holding Company (EGAS) signed four new agreements with several major international companies to explore for gas and oil in the Mediterranean and Nile Delta, with a total minimum investment exceeding $340 million, including the drilling of 10 wells. The Ministry of Petroleum stated that the agreements fall within the framework of the first pillar of the ministry's strategy to intensify exploration and production activities.

The first agreement was signed in the Merneith offshore area in the Mediterranean with Shell International, with investments totaling $120 million and including the drilling of three wells. Dalia El-Gabry, President of Shell Egypt, signed the agreement on behalf of Shell. The second agreement was signed in the East Port Said offshore area in the Mediterranean with the Italian company Eni, with investments totaling $100 million and the drilling of three wells. It was signed by Francesco Gaspari, Eni's General Manager in Egypt.

The statement indicated that the third agreement concerns the North Khatatba land area in the Nile Delta with the Russian company Zarubezhneft, with investments amounting to $14 million and including the drilling of four wells. This agreement was signed by Yassin Rahlib, the company's Vice President in Egypt, in the presence of its General Manager, Rostem Bakirov, and Chief Geologist, Mikhail Kubrak.

The fourth agreement is in the North Damietta offshore area in the Mediterranean with the international company Arceus Energy, with investments amounting to approximately $109 million. It was signed by Nasser Al Yafei, Chairman of the company, which represents a partnership between BP and XRG, a subsidiary of the UAE's ADNOC.

 These agreements reflect the Ministry of Petroleum and Mineral Resources' continued efforts to drive investment in the gas sector and accelerate exploration and research activities, contributing to the growth of gas resources and increased production.