Egypt has signed three new oil and gas exploration deals, worth approximately US$81.4mn, with Royal Dutch Shell and the US-based Apex Oil Company, a move which is aiming to exploiting the oil and gas potential in several regions across the country
Tarek el-Molla, minister of petroleum in Egypt, has signed the deal on 29 August 2017, for 16 new fields in the western desert region in the country.
Under the first agreement, Shell will invest US$35.5mn for the development of Egypt’s oil and gas sector, with the two other deals requiring Apex to invest a combined US$45.9mn on two projects in the country. This is the first time that Apex will be operating in Egypt.
Once a leading energy exporter, Egypt currently imports petroleum products from the neighbouring countries as well as international markets as demand for domestic consumption has increased in recent times.
Reporting to the press, El-Molla said that the Egyptian government focuses on attracting more foreign investments for the country’s oil and gas industry. He added that Egypt is facing a large flow of investment from global oil giants in recent years for the development of the country’s oil and gas exploration and production.
On a drive to attract foreign investment, the country has signed 79 new agreements for oil and gas exploration, with a minimum investment of US$15.3bn. El-Molla further emphasised on a speedy implementation of all the agreements.
Roger B. Plank, founder and chief executive of Apex International Energy, said that the company is looking forward to advancing partnership with the Egyptian Ministry of Petroleum and Mineral Resources.
Established in 1932, Apex provides wholesale distribution, storage and transportation of petroleum products including asphalt, kerosene, fuel oil, diesel fuel, heavy oil, gasoline and marine bunkers to international destinations.
Royal Dutch Shell is a British–Dutch multinational oil and gas company headquartered in the Netherlands and incorporated in the UK. It is the sixth-largest company in the world measured by 2016 revenues.
