Egypt Signs Massive $340 Million Oil and Gas Exploration Package
The Egyptian Natural Gas Holding Company (EGAS) has secured four major hydrocarbon exploration agreements worth over $340 million in a significant boost to the country’s energy sector. The deals represent one of Egypt’s largest exploration investment packages in recent years and signal renewed international confidence in the country’s hydrocarbon potential.
The agreements include a $120 million partnership with oil and gas major Shell for drilling operations in the Merneith offshore area of the Mediterranean. Italian energy giant Eni will invest $100 million to drill three exploration wells in the East Port Said offshore block. Russia’s Zarubezhneft will contribute $14 million to support activities in the North Khatatba concession in the Nile Delta, including the drilling of four wells. Local energy firm Arcius Energy will invest $109 million in exploration activities in the North Damietta offshore area.
The investments are expected to significantly increase Egypt’s oil and gas production capacity and strengthen the country’s position as a regional energy hub.
Source: Energy Capital Power
