Egypt signs 3 oil, gas exploration agreements worth US$320m

Egypt signs 3 oil, gas exploration agreements worth US$320m

Egypt recently announced the signing agreements of three contracts for exploring and producing natural gas and crude oil in the Mediterranean.

Two contracts were signed with EGAS and ExxonMobil Egypt in the Masry and Cairo offshore blocks on the Mediterranean.

The third agreement was signed with EGPC and PICO Energy Group and KUFPEC Egypt for the development and production of oil in the Geisum and Tawila blocks in the west of the Suez Canal. The Geisum and Tawila West Concession is located at the southern entrance of the Gulf of Suez and covers the North Geisum, South Geisum, Northeast Geisum, and Tawila West fields.

The country’s petroleum imports rose to US$10 billion, up from around $9 billion in the same period, however, the petroleum exports decreased to $11.7 billion, down from $13 billion during the first nine months of FY 2022/2023.

Egypt is planning to raise its oil production by 11% in 2023 to reach 650,000 barrels per day from 587,000 barrels per day. Annual Egyptian consumption is estimated at around 12 million tons of diesel and 6.7 million tons of gasoline.

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