Egyptian Oil Minister Tarek El Molla has signed three oil and gas exploration deals for 16 new fields in the Western Desert worth at least $81.4 million in total with Royal Dutch Shell and the U.S.-based Apex International Energy.
The petroleum ministry said in a statement that the first deal would see Shell invest $35.5 million, and the other two would see Apex, which is operating in Egypt for the first time, invest a combined $45.9 million on two projects.
Egypt, which used to be a net energy exporter, has become a net importer in recent years as consumption has increased while production has fallen.
The government has been on a drive to lure back foreign investors to its energy sector in an effort to address a squeeze on public finances.
In December, Egypt accepted six bids for oil and gas exploration worth up to $200 million.
Recommended Reading
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.
EQT Declares Quarterly Dividend
2024-04-18 - EQT Corp.’s dividend is payable June 1 to shareholders of record by May 8.
Daniel Berenbaum Joins Bloom Energy as CFO
2024-04-17 - Berenbaum succeeds CFO Greg Cameron, who is staying with Bloom until mid-May to facilitate the transition.
Equinor Releases Overview of Share Buyback Program
2024-04-17 - Equinor said the maximum shares to be repurchased is 16.8 million, of which up to 7.4 million shares can be acquired until May 15 and up to 9.4 million shares until Jan. 15, 2025 — the program’s end date.