Egypt signs $121m oil, gas exploration agreements

Egypt has signed three investment agreements worth more than $121 million for oil and gas exploration in the Western Desert, Suez Gulf and North Sinai, the petroleum ministry announced on Sunday, according to a news report by Zawya.

The deals were concluded with Parenco Egypt, Dubai-based Dragon Oil and Apache, for about $46 million, $40.5 million and $35 million respectively, the agency said.

The first agreement re-awards the North Sinai offshore area to Parenco Egypt, a subsidiary of Egypt Kuwait Holding Company (EKH), with plans to drill three wells.

The Dragon Oil deal covers three wells in the Suez Gulf, while Apache’s agreement for the Western Desert includes five new exploration areas and the drilling of 14 wells.

The ministry said the agreements reflect Egypt’s continued commitment to expanding upstream investment and sustaining growth in oil and gas production.