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Egypt's oil minister, Tarek El Molla, said recently that Egypt has reached preliminary agreements with five major energy companies to explore oil and gas
in the deep waters of its west coast of the Mediterranean.
The five companies are Royal Dutch Shell, Chevron, BP, Total and ExxonMobil
.
Tarek El Molla said the exploration and production agreement covers seven concessions and that agreements have been signed with major companies due to the significant investment required
.
Exploration drilling in the area will commence
in early 2021.
In 2015, Italy's Eni discovered the huge oil field Zohr on Egypt's Mediterranean east coast, which rekindled interest and investment
in Egypt's energy sector.
Egypt is trying to position itself as an energy hub in the eastern Mediterranean, importing gas from Israel and then exporting it to Jordan and possibly even to Europe and Asia
.
Egypt said in January it had signed two agreements
with ExxonMobil for oil and gas exploration in the Mediterranean.
Egypt's oil minister, Tarek El Molla, said recently that Egypt has reached preliminary agreements with five major energy companies to explore oil and gas
in the deep waters of its west coast of the Mediterranean.
The five companies are Royal Dutch Shell, Chevron, BP, Total and ExxonMobil
.
Tarek El Molla said the exploration and production agreement covers seven concessions and that agreements have been signed with major companies due to the significant investment required
.
Exploration drilling in the area will commence
in early 2021.
In 2015, Italy's Eni discovered the huge oil field Zohr on Egypt's Mediterranean east coast, which rekindled interest and investment
in Egypt's energy sector.
Egypt is trying to position itself as an energy hub in the eastern Mediterranean, importing gas from Israel and then exporting it to Jordan and possibly even to Europe and Asia
.
Egypt said in January it had signed two agreements
with ExxonMobil for oil and gas exploration in the Mediterranean.
