Egypt reaches preliminary oil, gas deals in Mediterranean with five energy firms

Egypt has reached initial agreements with five major energy companies to explore for oil and gas in deep waters in off its western coast on the Mediterranean, its petroleum minister on Saturday.

These deals are the first in that offshore region.

The five companies are Royal Dutch Shell, Chevron, BP, Total, and Exxon Mobil, said Tarek el-Molla has told Sky News Arabia TV.

The exploration and production agreements spanned seven concessions. Exploratory drilling in the area will start in early 2021, el-Molla said.

In January, Egypt has signed two deals with Exxon Mobil for oil and gas exploration in the Mediterranean.

The country is working to position itself as an energy hub in the eastern Mediterranean, importing gas from Israel and exporting to Jordan and potentially to Europe and Asia.