Egypt secures $340m investments to boost oil, gas production

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has signed two significant agreements with Shell and Cheiron Energy, securing $340 million in investments to boost oil and gas production in the Mediterranean and the Gulf of Suez.

The first agreement with Shell involves an investment of $222 million to enhance natural gas production in the West Delta Deep Marine area. The plan includes drilling three wells and establishing offshore facilities, aiming to add 150-200 million cubic feet of natural gas to the production map by the end of the year.

Shell, a key partner in Egypt’s energy sector, is also preparing to develop the eleventh phase of the West Delta Deep Area project and has achieved notable discoveries such as the West Mina and Khufu fields.

In a separate deal, Cheiron Energy has committed $120 million to increase oil production in the Gulf of Suez. The investment will support the drilling of nine wells, including three exploratory wells, to boost crude oil production from 21,000 to 26,000 barrels per day (bpd). Cheiron Energy’s expanded efforts will include enhancing infrastructure and employing modern technologies to maximise production efficiency.

These agreements are part of Egypt’s broader strategy to strengthen its oil and gas sector through international partnerships and increased investments.

Attribution: Egyptian Cabinet