The Oil Ministry signed nine oil and gas exploration agreements worth more than USD 1 bn with six international and Egyptian companies — ExxonMobil, Chevron, BP, Total, Royal Dutch Shell, and South Valley Egyptian Petroleum Holding Company — to drill 17 new wells in parts of the Mediterranean and Red Sea, according to a ministry statement. The nine agreements will see a minimum combined investment of USD 1 bn, and another three pending agreements will add another USD 400 mn of investments, the statement says. Bloomberg also picked up the statement.

MORE ON THE ENERGY FRONT: Egypt has renewed its agreement with Iraq to import 12 mn bbl of crude oil in 2021, according to Al Mal.

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