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Egypt inks four major oil and gas deals, four more pending

December 26, 2019/ 09:13

Baku. Egypt has signed four major oil and gas deals, with four more yet to be signed, says the country’s Petroleum Ministry.

The total value of the oil and natural gas exploration agreements stands at $155 million, Trend reports citing Ahram Online.

The deals envisage the drilling of 30 wells in the three regions, namely, in the Western Desert, the Gulf of Suez and the Nile Valley.

The ministry said that the Egyptian General Authority for Petroleum signed two deals with the International Egyptian Oil Company (IEOC), one for drilling four wells in Siwa Oasis and the other for drilling 13 wells in El-Razeq region.

The third deal was signed with Merleon Fayoum Company for exploring the Nile Valley area, and the fourth was signed between Egypt's Ganope Petroleum Company, Pacific Oil, and ZNP for exploring in the Gulf of Suez.

Egypt has signed 103 oil agreements with investors since mid-2013, the statement quoted Petroleum Minister Tarek El-Molla as saying.

He added that four more agreements are due to be signed, and nine others were approved by parliament.

Egypt is Africa’s largest non-OPEC oil producer and its third-largest natural gas producer, after Algeria and Nigeria.

In December 2018 Egypt’s Ministry of Petroleum announced the country had achieved a major milestone, gas self-sufficiency. The overall production of natural gas increased during 2018 to around 161.4 mcm (5.7 bcf) per day.

In addition, 2018 saw 43 crude oil finds, together with 18 gas discoveries. That year, average production of crude and condensates reached 660,000 boepd after 36 recently discovered wells were brought on line.

 

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