Egypt signs exploration deals with Shell, Apex

Egypt signs exploration deals with Shell, Apex

Aug 31, 2017
2 min read
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Egypt has signed three oil and gas exploration deals for 16 new fields in the Western Desert worth at least US$81.4 million with Royal Dutch Shell and the U.S.-based Apex International Energy.

The Petroleum Ministry said in a statement quoted by Reuters that the first deal would see Shell invest $35.5 million, and the other two would see Apex, which is operating in Egypt for the first time, invest a combined $45.9 million on two projects.

Egypt, which used to be a net energy exporter, has become a net importer in recent years as consumption has increased while production has fallen.

The government has been on a drive to lure back foreign investors to its energy sector in an effort to ease a crunch on public finances.

In December, Egypt accepted six bids for oil and gas exploration worth up to $200 million.