Egypt's President Sisi gives the green light to $2.2B in oil and gas exploration contracts

Published November 5th, 2015 - 11:00 GMT

Egypt’s President Abdel-Fattah El-Sisi ratified six oil and gas exploration contracts worth a combined $2.2 billion on Tuesday, the Ministry of Petroleum said in a statement.

The first four agreements are between the Egyptian General Petroleum Corporation (EGPC) and Italy’s ENI, with up to $2.1 billion in investments for exploration and the drilling of eight wells in blocs located in North Port Said and Baltim in the Mediterranean Sea, the Gulf of Suez and the Nile Delta.

The MOUs for these agreements were first signed during the economic conference hosted by Egypt's government in Sharm El-Sheikh in March.

The fifth deal is between the EGPC and U.S. Apache Corp. in the south of Um Barka in the Western Desert, with $30 million in investments to drill two wells.

The last agreement is with Tunisia’s HBS worth $9 million for the drilling of four wells in the Halif region in the Western Desert

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