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Egypt Signs Oil, Gas Exploration Agreements Worth $1 Billion

Abeer Abu Omar
·1 min read

(Bloomberg) -- Egypt said it signed new agreements involving investment of about $1 billion to search for oil and natural gas in parts of the Mediterranean and Red Sea.

The deals are with six international and local companies including Exxon Mobil Corp. and Chevron Corp., the state-run Middle East News Agency reported Friday, citing a statement from Oil Minister Tarek El Molla.

Three other agreements are pending approval in the near future. The deals target the drilling of 23 wells in nine regions in the Mediterranean and three regions in the Red Sea, with a minimum total investment seen at $1.4 billion

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