Egypt’s Ministry of Petroleum and Mineral Resources on Sunday signed two agreements with international companies to invest $340 million to boost oil and gas production in the Mediterranean and Gulf of Suez.
After discussions between Egypt’s Petroleum Minister Karim Badawi and executives from international oil and gas companies, a $222 million investment deal with Shell Egypt (SHEL.L), and Malaysia’s Petronas was signed to boost natural gas production in the Mediterranean’s West Delta region.
The deal includes the drilling of three wells and the establishment of marine facilities.
A $120 million agreement with Cheiron Energy was also signed to increase oil production in the Gulf of Suez.
