Egypt Signs New Gas Exploration Agreement Worth $42 Million
Egypt has signed a new natural gas exploration agreement for the East Alexandria offshore area, with a minimum investment of $42 million.
The Ministry of Petroleum and Mineral Resources announced a new agreement to explore for natural gas, as part of national efforts to boost exploration activities in the Mediterranean Sea.
The deal was signed between the Egyptian Natural Gas Holding Company and the company Cheiron, focusing on the East Alexandria offshore block.
The agreement mandates a minimum investment of $42 million to be directed toward intensive exploration programs.
Technical plans under the agreement include drilling three exploratory wells and reprocessing seismic data for the designated area.
Minister of Petroleum and Mineral Resources, Karim Badawi, emphasized the importance of accelerating exploration and research activities in the coming period.
This initiative aims to secure new gas discoveries, thereby increasing national energy reserves and supporting the country's energy sector.