Egypt signs 9 new oil and gas exploration and production agreements in the Mediterranean and Western Sahara regions
Egyptian Oil Minister Tareq El Mulla signed nine agreements to explore for and produce oil and gas in the Mediterranean and Western Sahara regions on Monday, January 20, 2020, according to (Reuters).
The minister pointed out that the agreements were concluded between the Petroleum Authority and Shell, Apache, PETRONAS and EGAS companies. He also clarified that the volume of investments amounted to approximately $ 452.3 million and includes the drilling of 38 wells.
On the other hand, the Minister of Petroleum announced that Egypt’s International Petroleum Conference (EGYPS), which will be held during the period 11-13 February 2020, will discuss several topics, the most important of which is funding in view of the current global economic conditions. The minister indicated that the conference will discuss Egypt’s efforts to transform into a regional center for energy and develop key activities in industry in the sectors of research, exploration, production, refining and marketing.
It is worth noting that Egypt’s production reached about 7.2 billion cubic feet of natural gas last year, and about 650,000 barrels per day of crude oil and condensates, recording its highest levels during the month of August 2019.