Egypt Signs USD-343-Mln Oil, Gas Deals With Int'l Firms

2025-08-30 06:02:24

(MENAFN- Kuwait News Agency (KUNA)) CAIRO, Aug 30 (KUNA) -- Egypt has signed four agreements with world companies to explore oil and gas in the Mediterranean Sea and Nile Delta with total investments of more than USD 343 million.
The deals, signed by the state-owned Egyptian Natural Gas Holding Company (EGAS), provide for the digging of 10 oil and gas wells, said the Petroleum Ministry in a press release on Saturday.
The first agreement was concluded with oil giant Shell with investments valued at USD 120 million and covers three wells in the Mediterranean's Merneith offshore area, the ministry said.
The second deal was inked with Italy's Eni at a value of USD 100 million to drill three wells in the East Port Said offshore area, it added.
The third deal worth USD 14 million went to Russia's Zarubezhneft to drill four wells in the onshore North Al-Khatatba area in the Nile Delta, according to the ministry.
The EGAS signed the fourth agreement with international company Arcius Energy at a value of USD 109 million, it added.
The four agreements reflect the Petroleum Ministry's efforts to boost the country's oil and gas exploration and production, it noted. (end)
ism

MENAFN30082025000071011013ID1109996236

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.