Egypt signs exploration deals with three oil firms

Egyptian government has signed exploration agreements with three oil companies this week, which is expected to attract a $265 million investment to the country.

The three companies involved are Petroceltic from Ireland, UAE’s Dana Gas and Edison from Italy.  According to a statement made by the Ministry of Petroleum and Mineral Resources, the companies will drill a minimum of 8 exploration wells.

Under the agreement, the companies will explore for oil and gas in the Mediterranean sea, the Gulf of Suez and the Nile Delta.

Energy minister Sharif Ismail said that in order to increase its oil production and develop more reserves, Egypt would continue inviting bids from international oil companies for new leases.

He added that these contracts will make the investment climate in Egypt more attractive for international oil companies, which will lead to increased level of exploration activities.