Is Egyptian Oil Set For A Rebound?

4 Sep 2017   Egypt

This week Egypt signed three major exploration deals with oil giants Royal Dutch Shell and Apex worth at least $81.4 million. The hefty international contracts will kickstart a large-scale oil and gas exploration in 16 new fields in the oil-rich Western Desert. In a statement released by the Petroleum Ministry, it was announced that Shell will be investing $35.5 million in a single deal, while U.S.-based Apex has signed two different deals totalling $45.9 million, a hefty investment for their first ever projects in Egypt. The deals collectively encompass a massive 1.7 million acres , comprised of the areas of West Badr el Din and South East Meleiha. While Egypt was once a major player in the global oil supply, their production has fallen sharply over the last years as demand has increased, putting them in the unfortunate position of being a net importer after years of being an […]

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