USD 130 mn in fresh energy investments? Two consortiums of international energy players are set to invest a total of USD 130 mn over the next five to eight years in drilling 10 oil and gas exploration wells in East Port Said and the Western Desert, Al Arabiya reports, citing government documents.

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Remember: The House earlier this week approved the two agreements after reviewing and approving the reports conducted by the Energy and Environment Committee regarding the agreements.

The first consortium will drill three wells in the East Port Said offshore concession: A consortium of three companies — Eni’s subsidiary IEOC, BP, and Qatar Energy — is set to invest USD 100 mn drilling three exploratory oil and gas wells in the 2.6k sqm East Port Said offshore area in the Mediterranean Sea over a period of eight years, according to the documents reviewed by the outlet.

The timeline: The wells will be drilled in three phases, with the first three-year phase to see the consortium invest USD 40 mn, the second three-year phase USD 30 mn, and the final two-year phase USD 30 mn.

The second consortium will reportedly drill seven wells in the Western Desert, investing USD 30 mn across two phases. This consortium of IEOC and Apex International Energy will invest USD 17 mn to drill four wells over the first, three-year phase of the project. It will drill an additional three wells with USD 13 mn in investments over two years. The two consortiums have submitted a request to the Egyptian General Petroleum Corporation (EGPC) to amend their concession agreement to increase their investments.

AND MORE ENERGY INVESTMENTS FROM APACHE-

Apache to funnel USD 60 mn into Western Desert drilling: US oil producer Apache is set to kick off a USD 60 mn drilling program in its Western Desert blocks in March as it looks to ramp up natural gas production by a daily 80 mn cubic feet, Asharq Business reports, citing an unnamed government official. The project is reportedly part of a wider five-year plan by the company to invest USD 3.5 bn in exploration, research, and production in the Western Desert.

The target: Apache, Egypt’s largest oil producer, reportedly plans to ramp up its daily natural gas production in Egypt to 500 mn cubic feet per day from a current 450 mn cubic feet by the end of fiscal year 2024-2025.

ICYMI- Apache recently signed up for four additional Western Desert blocks totaling over 6.3k sqm, representing a 30% increase to the company’s overall concessions in Egypt.

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