Egypt’s Ministry of Petroleum and Mineral Resources has signed investment deals with Shell Egypt, Petronus Gas and Cheiron Energy totalling USD 340M.
The deals were designed to enhance the North African nation’s oil and gas production in the Mediterranean and Gulf of Suez.
The first agreement was an approximate USD 222M investment deal with Shell Egypt and Malaysia’s oil and gas giant Petronas, which includes the drilling of three wells and the establishment of marine facilities, all of which are expected to increase oil and gas production and recoverable reserves.
A second USD 120M deal with Cheiron Energy includes the drilling of nine new wells including three new exploration wells. The investment is expected to eventually increase oil and gas production in the Gulf of Suez from 21,000 barrels per day (bpd) to 26,000bpd.
