(MENAFN) On Sunday, Egypt’s Ministry of Petroleum and Mineral Resources signed two significant agreements with international firms, committing USD340 million to enhance oil and gas production in the Mediterranean and the Gulf of Suez. Egyptian Petroleum Minister Karim Badawi met with leaders from Shell International and Kiron Energy to discuss and advance new investment plans aimed at boosting the country’s oil and gas output.

Shell, a key player in Egypt’s energy sector, has been expanding its investments significantly over the past two years. The company is involved in various projects, including exploration, drilling, and production, as well as operating the liquefied natural gas complex in Idku. Currently, Shell is focused on developing the tenth phase of gas production in the West Delta Deep Area and preparing for the eleventh phase. Additionally, Shell is drilling three new exploratory wells in the Mediterranean Sea and is engaged in community development initiatives that support education, environmental conservation, and entrepreneurship.

The meetings underscored the importance of accelerating work on the West Mina and Khofo natural gas discoveries in the Mediterranean, emphasizing the need for enhanced collaboration between the Egyptian petroleum sector and Shell to drive forward these key projects. 

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