The Egyptian Ministry of Petroleum has signed two significant agreements aimed at boosting oil and gas production in the Mediterranean Sea and the Gulf of Suez, with a combined investment of $340 million.
During a meeting led by Engineer Karim Badawy, the Minister of Petroleum, and Engineer Dalia Al-Jabri, Chairman of the Board of Directors of Shell Egypt, discussions focused on ongoing projects and future initiatives by the international company in Egypt.
A key highlight was the review of the tenth and eleventh phase projects aimed at developing and extracting natural gas from the West Delta region in the deep waters of the Mediterranean. The Minister emphasized the urgency of advancing these projects, particularly after finalizing an agreement to inject new investments into the tenth phase initiative.
As part of the agreements, a collaboration was established between the Egyptian General Petroleum Corporation, Shell, and Malaysian company Petronas, which will see an investment of $222 million dedicated to the tenth phase project. This initiative includes the drilling of three wells for natural gas production and the construction of marine facilities necessary to bring these wells into production.
Additionally, a commitment agreement was signed with Kairon Energy, outlining plans for the Gissom and Tawila West regions in the Gulf of Suez. This agreement, which includes investments of $120 million, entails drilling nine wells, including three exploratory ones. The aim is to increase oil production capacity from approximately 21,000 barrels per day to 26,000 barrels per day.
These actions signify Egypt’s strategic moves to enhance its hydrocarbons production capabilities, tackle existing challenges, and optimize extraction from vital offshore resources.
