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Egypt s future energy mix - Focus - Al-Ahram Weekly

Egypt s future energy mix - Focus - Al-Ahram Weekly
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Egypt Inks $1 Billion Oil, Gas Exploration Deals with Top Companies

Egypt Inks $1 Billion Oil, Gas Exploration Deals with Top Companies Published January 3rd, 2021 - 07:00 GMT The nine deals are part of 12-new-agreements that have been targeted since March last year with a minimum investment estimated at $1.4 billion for drilling 23 wells, nine of them offshore the Mediterranean and three in the Red Sea. (Shutterstock) Egypt has signed nine oil and gas exploration agreements worth $1 billion with local and international companies. Exxon Mobil, Chevron and Total are among the signatories. Egypt seeks luring new international investments in gas and oil exploration, and concluding deals with big companies as a priority, remarked Minister of Petroleum Tarek Al Molla.

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Egypt signs $1bn oil, gas exploration deals with top firms

Egypt signs $1bn oil, gas exploration deals with top firms CAIRO, January 2, 2021 Egypt has signed nine oil and gas exploration agreements worth $1 billion with local and international companies. Exxon Mobil, Chevron and Total are among the signatories. Egypt seeks luring new international investments in gas and oil exploration, and concluding deals with big companies as a priority, remarked Minister of Petroleum Tarek Al Molla. Developing many items of the oil deals has contributed a lot to boosting the competitiveness of Egypt as an attractive destination for investments amid stable economic conditions and reform, stated the minister. The nine deals are part of 12-new-agreements that have been targeted since March last year with a minimum investment estimated at $1.4 billion for drilling 23 wells, nine of them offshore the Mediterranean and three in the Red Sea, added Al Molla.

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Egypt Signs 12 Deals for Gas, Oil Exploration in Mediterranean, Red Sea

Saturday, 2 January, 2021 - 09:45 A gas field in Egypt. (Reuters) Asharq Al-Awsat Egypt has signed nine new agreements, valued at more than $1 billion, with six local and international companies for exploration of oil and natural gas, announced Ministry of Petroleum and Mineral Resources. The ministry said in a press statement that the companies will drill 17 wells in the eastern and western Mediterranean Sea and regional water of the Red Sea. The nine deals were concluded with Exxon Mobil Corporation, Chevron Corporation, South Valley Egyptian Petroleum Holding Company, and Total along with its partners: Kuwait Foreign Petroleum Exploration Company (KUFPEC), Shell, and Tharwa.

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