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ENERGY-
#1- State-owned Egas signed four new natural gas and oil exploration agreements with international companies worth at least USD 340 mn in total, according to a statement from the Oil Ministry. The agreements cover offshore and onshore blocks in the Mediterranean and Nile Delta and will see the drilling of ten wells.
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The breakdown: Shell will invest USD 120 mn to drill three wells in the offshore Marnith area. Italy’s Eni, alongside BP and Qatar Energy, will put USD 100 mn into the offshore East Port Said area to drill three wells. Russia’s Zarubezhneft will spend USD 14 mn on four wells in the onshore North Khatatba area in the Nile Delta. Arcius Energy, a BP-Adnoc XRG partnership, will invest around USD 109 mn in the offshore North Damietta area. Reuters also picked up the story.
#2- The Oil Ministry successfully completed the drilling of the exploratory well North Lotus Deep-1 in the Western Desert, operated by Agiba Petroleum in partnership with Italy’s Eni, according to a ministry statement. The well is already online, adding around 1.8k barrels of crude and 7 mcf/d of gas — equivalent to roughly 3.1k barrels of oil.
Two new wells from the Burullus Gas Company — a JV between Shell, Petronas, Egas, and the EGPC — in the deepwater West Delta also went online, adding a combined 60 mcf/d of natural gas to the country’s production, according to a separate statement from the ministry. Reuters also picked up the story.
