Egypt has signed four agreements with international firms worth more than $340 million to explore oil and gas in the Mediterranean and Nile Delta, the Petroleum Ministry said on Saturday.
The deals, signed by the state-owned Egyptian Natural Gas Holding Company (EGAS), provide for the drilling of 10 wells as part of the ministry's efforts to boost exploration and production. Egypt, once a regional exporter, has increasingly turned to imports to meet rising domestic demand as output declines from ageing fields and investment lags in new ones.
Gas production in May was 3,545 million cubic metres, down more than 40% from March 2021.
The first deal, with oil giant Shell, is worth $120 million and covers three wells in the Mediterranean's Merneith offshore area, the ministry said. Italy's Eni signed a $100 million agreement to drill three wells in the East Port Said offshore block.
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