Egypt has reached initial agreements with five major energy firms to explore for oil and gas in deep waters in off its western coast on the Mediterranean, the petroleum minister said, the first such deals in that offshore region.
The five companies are Royal Dutch Shell Plc, Chevron Corp., BP Plc, Total SA and Exxon Mobil Corp., said Tarek El Molla told Sky News Arabia TV on Feb. 15.
He said the exploration and production agreements spanned seven concessions and had been signed with major companies because of the scale of investment needed. Exploratory drilling in the area would start in early 2021, he said.
The discovery of the giant Mediterranean field of Zohr off the eastern coasts of Egypt by Italy's Eni SpA in 2015 sparked renewed interest and investment in Egypt's energy industry.
The country is trying to position itself as an energy hub in the eastern Mediterranean, importing gas from Israel and exporting to Jordan and potentially to Europe and Asia.
Egypt said in January it had signed two deals with Exxon Mobil for oil and gas exploration in the Mediterranean.
Recommended Reading
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
Shell’s CEO Sawan Says Confidence in US LNG is Slipping
2024-02-05 - Issues related to Venture Global LNG’s contract commitments and U.S. President Joe Biden’s recent decision to pause approvals of new U.S. liquefaction plants have raised questions about the reliability of the American LNG sector, according to Shell CEO Wael Sawan.
Green Swan Seeks US Financing for Global Decarbonization Projects
2024-02-21 - Green Swan, an investment platform seeking to provide capital to countries signed on to the Paris Agreement, is courting U.S. investors to fund decarbonization projects in countries including Iran and Venezuela, its executives told Hart Energy.