Egyptian government approves oil, gas agreements worth $265m

Published February 16th, 2014 - 08:55 GMT

Egypt’s government has signed three new oil and gas exploration agreements, hoping to bring a total of $265 million worth of investments into the country’s energy sector.

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.

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