Four global energy firms commit $343m to Egypt’s oil, gas exploration

Egypt has secured four new oil and gas exploration agreements worth a combined $343m with leading international energy companies, as part of the Petroleum Ministry’s strategy to intensify exploration and boost production.

Petroleum and Mineral Resources Minister Karim Badawi attended the signing ceremony, which formalised partnerships between the Egyptian Natural Gas Holding Company (EGAS) and four global firms for exploration in the Mediterranean and Nile Delta. The deals provide for the drilling of 10 wells across four concession areas.

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