ISO 9001 & UKAS Registered, Electron Beam Services in the United Kingdom ISO 9001 & UKAS Registered, Electron Beam Services in the United Kingdom

04/09/17
The Egyptian government has signed three new oil and gas exploration deals with Royal Dutch Shell and Apex International Energy, covering a total of 16 sites in the country’s Western Desert.

It is a boost for Egypt, which has been looking to entice foreign investors back to its energy sector. The deals for exploring these new fields are worth $81.4 million in total.

Shell is set to invest $35.5 million following its deal, while Apex will be spending $45.9 million on two projects in the Middle Eastern country.

At one time Egypt was a net exporter of oil, but has become a net importer in recent years because demand has increased while production has fallen.

Daily News Egypt reported that Tarek El-Molla, the country’s minister of petroleum, explained that the ministry is hoping to attract a greater level of foreign investment in oil and gas exploration, helping it to exploit the potential of a number of areas.

Mr El-Molla also revealed that the sites in the Western Desert are of particular interest to US companies, like Apex, which is going to be operating in Egypt for the first time after signing these deals.

Oil and gas exploration activities aren’t without their risks though, as Statoil recently discovered. The oil giant revealed that its exploratory drilling in the Arctic has been “disappointing”, explaining that the volumes of natural gas it discovered weren’t large enough for commercial development.

However, the firm revealed that it will continue exploration activities in the region, noting that it intends to drill further exploratory wells in the south-east of the Barents Sea in 2018.

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