More oil and gas exploration in the Med and Gulf of Suez

New gas and oil exploration agreements get the thumbs up: Ministers greenlit three oil and gas concession agreements worth USD 319.5 mn that will see three multinational energy companies digging at least 13 wells in the Mediterranean and Gulf of Suez, cabinet sai d after its weekly meeting on Thursday.

Exxon to drill in the Med: Two of the contracts went to ExxonMobil, which will partner with state gas firm EGAS to search for gas and crude oil in the offshore Cairo and Masry concessions in the Mediterranean. The US oil giant acquired both exploration blocks earlier this year and holds 100% interest.

Pico + Kufpec in the Gulf of Suez: The Kuwait Foreign Petroleum Exploration Company (Kufpec) , a sub sidiary of the country’s state oil company, will work with Pico Petroleum (Egypt’s largest independent player) and Egypt’s state oil firm, the Egyptian General Petroleum Corporation (EGPC), to explore for oil in the Geisum and Tawila West concessio n in the Gulf of Suez. Pico owns 60% of the development lease while Kufpec holds the remaining 40%.