Egypt Signs Nine Oil, Gas Exploration Agreements

Egypt has inked nine oil and gas exploration deal, worth $470 million, with foreign and domestic firms.

According to Egypt State Information Service agreements were signed with Shell, BICO, PETZED, the Egyptian General Petroleum Corporation and the Egyptian Petroleum Company to explore for oil and gas in the Gulf of Suez, Sinai and western and eastern desert.

The agreements, the first to be signed since 2010, give a positive message to the effect that Egypt is still a magnet for petroleum investments, Minister Sherif Ismail said on Thursday.

The nine deals are among the 21 agreements the ministry has approved to boost petroleum investments and increase the country's reserves of gas and oil.

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