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Egypt Signs Oil and Gas Exploration Deals with Shell & Apex

Source: Reuters 8/29/2017, Location: Africa

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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 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.

In December, Egypt accepted six bids for oil and gas exploration worth up to $200 million

Exploration News in Egypt >>

Israel >>  11/15/2017 - Israel said it received bids to explore for oil and gas in its economic waters from Greeceís Energean and a consortium of Indian firms including ONGC ...
Oman >>  11/14/2017 - The Government of the Sultanate of Oman, Oman Oil Company Exploration and Production (OOCEP), a subsidiary of state company Oman Oil Company SAOC (OOC...

Morocco >>  11/13/2017 - SDX Energy Inc., the North Africa focused oil and gas company, is pleased to announce that a gas discovery has been made at its KSR-15 development wel...
Norway >>  11/13/2017 - Norway's Petroleum Safety Authority has given Aker BP consent to drill exploration well 24/9-12 S in production licence PL 340. Drilling is scheduled...

Brazil >>  11/10/2017 - Brazilís government expects to raise around 3 billion reais ($916.98 million) in signing bonuses in an auction of blocks in Brazilís coveted pre-salt ...
Lebanon >>  11/10/2017 - Lebanonís Energy Minister called on companies bidding in its first round of licensing to explore for oil and gas in its Mediterranean waters to begin ...

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