Egypt signed next E&P contracts

Egypt has signed six new oil and gas exploration contracts worth hundreds of millions of dollars with foreign and Egyptian companies, including Shell, Eni, BP and Canada’s Transglobe Energy. The Egyptian Oil Ministry said the agreements provide for the drilling of some 41 discovery wells in the western desert and Gulf of Suez. The government is keen to develop untapped finds to reduce its reliance on imports but has struggled to persuade companies to invest in the biggest finds, which are offshore.