Egypt Inks Oil & Gas Exploration Deals

Egyptian Oil Minister Tarek El Molla has signed three oil and gas exploration deals for 16 new fields in the Western Desert worth at least $81.4 million in total with Royal Dutch Shell (RYDAF) and the U.S.-based Apex International Energy.

 

The Petroleum Ministry said in a statement that the first deal would see Shell invest $35.5 million, and the other two would see Apex, which is operating in Egypt for the first time, invest a combined $45.9 million on two projects.

 

Egypt, which used to be a net energy exporter, has become a net importer in recent years as consumption has increased while production has fallen.

 

The government has been on a drive to lure back foreign investors to its energy sector in an effort to address a squeeze on public finances.