Egypt Signs Agreements to Boost Oil and Gas Production
In a significant move, Egypt’s Ministry of Petroleum and Mineral Resources has inked two groundbreaking agreements with international companies, unleashing a whopping $340 million investment to ramp up oil and gas production in the Mediterranean and Gulf of Suez.
Following intense discussions between Egypt’s Petroleum Minister Karim Badawi and top executives from renowned oil and gas giants, a monumental $222 million deal was sealed with Shell Egypt and Malaysia’s Petronas. This agreement aims to elevate natural gas production in the Mediterranean’s West Delta region, involving the drilling of three wells and the establishment of cutting-edge marine facilities.
Additionally, a game-changing $120 million pact was also signed with Cheiron Energy to bolster oil production in the Gulf of Suez, further solidifying Egypt’s commitment to revolutionize its energy sector. This marks a pivotal moment in the country’s quest for energy independence and economic growth.