Egypt: Egyptian minister of Petroleum and Mineral Resources Sherif Ismail has signed six new oil and gas exploration contracts worth hundreds of millions of dollars with foreign and Egyptian companies, according to local media.
Petroleum minister Eng. Ismail signed the agreements with Netherland's Shell, Italy's Eni, the UK's British Petroleum, Canada's TransGlobe, Egypt's Tharwa and the Egyptian General Petroleum Corporation.
The signed deals are worth US$272m in investments, in addition to US$124m worth of grants that were allocated to drilling 41 wells. The government is keen to develop untapped finds to reduce its reliance on imports, but has struggled to persuade companies to invest in the biggest finds, which are offshore, because the amount it pays them barely covers the investment costs.
