Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, has signed two $342 million agreements with international companies for natural gas exploration and production.
The first agreement was signed with the Egyptian General Petroleum Corporation (EGPC), Shell Egypt, and Malaysia’s Petronas to inject $222 million in the West Delta area to increase natural gas production, according to a cabinet statement.
This agreement includes drilling three new natural gas wells with a production capacity of up to 200 million cubic feet by the end of 2024.
The second agreement was signed with EGPC, Cheiron Energy, and the Kuwait Foreign Petroleum Exploration Company (KUFPEC) to inject around $120 million to increase production and expand exploration in the Geisum and Tawila West areas of the Gulf of Suez.
The agreement involves drilling nine wells, including three exploration wells, with an expected increase in production from approximately 21,000 to 26,000 barrels of crude oil per day.
