Cairo announced on 30 August that it signed four new deals for onshore and offshore exploration drilling with total investment of more than $340mn. Under the agreements, a total of ten wells could be drilled in the offshore Mediterranean and onshore Nile Delta.
The new agreements highlight the growing presence of Gulf NOCs in Egypt’s upstream sector, with QatarEnergy (33.33%), in partnership with Eni (33.34%, operator) and BP (33.33%) taking the East Port Said offshore block. The block was offered by state firm EGAS in 2022 and the partners were awarded the asset last year, but it has taken until now to finalize the deal (MEES, 12 July 2024). (CONTINUED - 773 WORDS)
