Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has signed two significant agreements worth $342 million with international companies for natural gas exploration and production.
The first agreement, valued at $222 million, involves the Egyptian General Petroleum Corporation (EGPC), Shell Egypt, and Malaysia’s Petronas.
This collaboration aims to boost natural gas production in the West Delta area. According to a cabinet statement, the project includes drilling three new natural gas wells, with a production capacity expected to reach 200 million cubic feet by the end of 2024.
The second agreement, worth around $120 million, was signed with EGPC, Cheiron Energy, and the Kuwait Foreign Petroleum Exploration Company (KUFPEC).
This deal focuses on increasing production and expanding exploration in the Geisum and Tawila West areas of the Gulf of Suez.
The project entails drilling nine wells, including three exploration wells, with an anticipated increase in crude oil production from approximately 21,000 to 26,000 barrels per day.
These agreements represent a significant step forward in Egypt’s efforts to enhance its natural gas and oil production capabilities.
