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    Forbes: Can Shale Survive In Egypt?

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Summary

Alongside Apache and Shell Egypt, Cairo will pursue the country’s first shale extraction project, complete with $30 to $40 million in investments in hopes of reviving the country’s ailing oil and gas sector.

by: Ragani

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Forbes: Can Shale Survive In Egypt?

Alongside Apache and Shell Egypt, Cairo will pursue the country’s first shale extraction project, complete with $30 to $40 million in investments in hopes of reviving the country’s ailing oil and gas sector as domestic demand continues to grow.

According to a Reuters report, the agreement includes plans to drill three wells in the Abu al-Ghardeeq region of the Western Desert, marking the first time the North African nation has pursued unconventional energy exploration.

The move comes as Egypt continues to seek out solutions to a challenging energy environment, including waning interest from foreign energy firms and declining production.MORE

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