Egypt signed 5 more agreements for oil and gas exploration this week with 5 international companies including BP, Chevron, Royal Dutch Shell, Total and Exxon Mobil.
Minister of Petroleum Tarek El-Molla added that these agreements are regarding 7 concessions in the western Mediterranean coast of Egypt and that the drilling is expected to start early next year.
Egypt has been on a roll signing oil and gas exploration agreements for the past 4 years with major companies in the field due to the scope and the size of investment needed for such explorations.
The agreements are now anywhere around 70 and with a total coast that exceeds $6 billion dollars. The explorations include various areas in Egypt including the Mediterranean coast, Western Desert and Nile Delta among others.
Ever since the discovery of Zohr field in the Mediterranean in the eastern coast of Egypt in 2015, Egypt has been eyeing the position of the regional Energy hub importing and exporting to its neighbors as well as Europe and Asia. The recent discoveries, coupled with Egypt’s location have made Egypt one of the most attractive destinations for investment in oil and gas.