Friday, 22 January, 2021 - 08:45
Image used for illustrative purpose. A man works on the rig of an oil drilling pump site in McKenzie County outside of Williston, North Dakota March 12, 2013. REUTERS/Shannon Stapleton Cairo - Asharq Al-Awsat Egypt’s Minister of Petroleum and Mineral Resources Tarek el-Molla inked a new production sharing contract between the state-owned Ganoub El-Wadi Petroleum Holding Company (Ganope) and Shell Egypt to explore for oil and natural gas in the deep waters of the Red Sea.
According to the agreement, Shell Egypt will explore in the Red Sea s Bloc 4, an area of 3084 sq km, Shell Egypt said in a statement.
Egypt to Invest $1.4bn Into New Offshore Exploration Projects
Posted 06/01/2021 10:02
Egypt has announced plans to explore for oil and natural gas at nine new sites in the Mediterranean and Red Sea, which will see around $1.4bn invested into the country’s offshore sector.The Egyptian Ministry of Petroleum and Mineral Resources expects to drill a total of 23 new wells across both seas.
The state’s Ministry of Petroleum and Mineral Resources announced the news, and expects to drill a total of 23 new wells across both seas. The ministry also noted that it had reached a total of 12 agreements, with just three yet to be finalised, backed by a combination of Egypt’s state-owned oil company Tharwa and a number of foreign oil majors, such as Shell and Total.