Egyptian government approves oil, gas agreements worth $265m
The agreements stipulate that the UAE’s Dana Gas, Italy’s Edison and Ireland’s Petroceltic will explore locations in the Mediterranean, the Gulf of Suez and the Nile Delta, Cairo-based daily al-Ahram reported on Thursday.
Oil minister Sherif Ismail, who signed the agreements, said in a statement that the petroleum sector will continue offering international bids to increase the production and reserves of crude oil and natural gas, according to newspaper Egypt Independent.
A total of eight wells will be drilled.
Last month, Egypt’s government approved eight oil and gas exploration contracts worth $2.1 billion.
The country has over 4.4 billion barrels of proved oil reserves, according to U.S. Energy Information Administration data.