Egypt has just signed 12 oil and gas exploration agreements with multinationals that will invest $ 1 billion 1
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Denys Bédarride
Friday 17 July 2020 Last update on Friday, July 17, 2020 At 4:20 PM

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

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 was collected by Cairo, as part 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 that have been going on for a few years has led to the arrival in the country of major players like Exxon Mobil and Chevron.

Source Agence Ecofin