The Egyptian government has signed exploration deals worth around $265 million with a number of oil & gas companies, according to news site UPI.
Emirati company Dana Gas were among the first to sign the deals with the Egyptian government, along with Irish firm Petroceltic and Italy’s Edison.
The deals were signed on behalf of Egypt’s National Natural Gas Holding Company and are expected to bring in $265 million in new investments to the Egyptian energy sector. Exploration is expected in the Mediterranean Sea, the Nile Delta and the Gulf of Suez, the report said.
No statement was made from Dana, Edison or Petroceltic on the deals.
Eight other oil and gas exploration deals were signed in January valued at $2.1 billion.
Apache Corporation, which this week singled out a partnership agreement in Egypt with China Petrochemical Corporation as among its recent high points, said average oil production in Egypt for 2013 of 89,561 barrels per day was 10 percent lower than the previous year. Gas production was down as well, prompting concerns of energy shortages in Egypt.
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