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Source: Oil and Gas Middle East

By Carla Sertin

Egypt has signed nine oil and gas exploration agreements worth a combined $1 billion, the country's minister of petroleum, Tarek al-Molla, said.

"Egypt seeks luring new international investments in gas and oil exploration, and concluding deals with big companies as a priority," he said.

The deals cover areas in the east and west Mediterranean Sea, as well the Red Sea. Six local and international companies will be involved with drilling 17 wells, he added, including Exxon Mobil, Chevron and Total.

The nine agreements are part of a wider strategy since March 2020 targeting 12 deals with a minimum investment estimated at $1.4 billion to drill 23 wells. Nine of the agreements will cover sites in the Mediterranean Sea, and the remaining three are in the Red Sea.

Al-Molla noted the importance of oil and gas partnerships in boosting Egypt's standing as a nation with attractive investment opportunities and stable economic conditions.