Egypt inks 340 mln USD deals to drill 10 wells in Mediterranean, Nile Delta

CAIRO, Aug. 30 (Xinhua) -- Egypt has signed four agreements worth more than 340 million U.S. dollars with international energy companies to explore for oil and gas in the Mediterranean and Nile Delta, the Petroleum Ministry said on Saturday.

The state-owned Egyptian Natural Gas Holding Company (EGAS) signed the deals with Shell, Italy's Eni, Russia's Zarubezhneft, and Arcius Energy, a venture co-owned by Britain's BP and the United Arab Emirates' ADNOC. The contracts cover the drilling of 10 wells.

The ministry said the agreements aim to boost output. It noted that two new wells in the West Delta concession recently came online, adding 60 million cubic feet of gas per day.

Egypt has faced falling gas production in recent years and is seeking fresh investment to reverse the decline. Enditem