EGAS signs four agreements with international companies
The Egyptian Natural Gas Holding Company (EGAS) signed four new agreements with international companies for gas and oil exploration in the Mediterranean Sea and the Nile Delta. The agreements include a minimum total investment exceeding $340 million and the drilling of 10 wells.
The first agreement covers the Mernith Offshore area in the Mediterranean Sea with Shell International, with investments amounting to $120 million and the drilling of three wells.
The second agreement covers the East Port Said Offshore area in the Mediterranean Sea with Eni of Italy, with investments of $100 million and the drilling of three wells. Also present were representatives from BP Egypt and QatarEnergy, Eni’s partners in the area.
The third agreement concerns the North Khatatba Onshore area in the Nile Delta with Zarubezhneft of Russia, with investments reaching $14 million and the drilling of four wells.
The fourth agreement covers the North Damietta Offshore area in the Mediterranean Sea with Arcius Energy International, with investments of around $109 million.
