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Egyptian Govt Signs 12 Exploration Agreements Worth Over $1 Billion In Investment

Egyptian Govt Signs 12 Exploration Agreements Worth Over $1 Billion In Investment 

-Agence Ecofin

The Egyptian government has just announced the signing of 12 exploration agreements with major players in the oil sector. These agreements cover the main basins of the country and the companies will invest more than a billion dollars in their first phase of exploration.

Egypt has just signed 12 oil and gas exploration agreements with multinationals, which will invest more than $ 1 billion in the initial exploration phase.

The companies concerned are Chevron, Edison, BP, Total, Shell, Nobel, KUFPEC and Mubadala. The basins that house the perimeters are located in the eastern and western Mediterranean, the Red Sea and the western desert. These agreements are previously subject to government regulatory approvals.

Tarek El Molla, the Algerian Minister of Petroleum reported that a signing bonus of 19 million dollars was cashed by Cairo, within the framework of these agreements. In addition, the first exploration phase on these perimeters should result in the drilling of 21 wells.

The wave of signatures for new exploration agreements in progress for several years has allowed the arrival in the country of major players such as Exxon Mobil and Chevron.

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