Egypt has unveiled a strategic move by formalizing three contractual agreements aimed at the exploration and extraction of oil and gas within the Mediterranean region.
The deals involves the Egyptian Natural Gas Holding Company, the Egyptian General Petroleum Corporation, and several international companies who will cover development of 13 wells in the Mediterranean and Gulf of Suez, with a total investment of approximately USD 319.5M.
ExxonMobil secured exploration rights for two offshore blocks, Masry and Cairo, in Egypt’s Mediterranean region. The company will be operating both blocks with a 100% interest.
The third agreement was signed with EGPC and PICO Energy Group and KUFPEC Egypt for the development and production of oil in the Geisum and Tawila blocks in the west of the Suez Canal. The Geisum and Tawila West Concession is located at the southern entrance of the Gulf of Suez and covers the North Geisum, South Geisum, Northeast Geisum, and Tawila West fields.
The country’s petroleum imports rose to USD 10 billion, up from around USD 9 billion in the same period, however, the petroleum exports decreased to UDS 11.7 billion, down from USD 13 billion during the first nine months of FY 2022/2023.
Egypt is planning to raise its oil production by 11% in 2023 to reach 650,000 barrels per day from 587,000 barrels per day. Annual Egyptian consumption is estimated at around 12 million tons of diesel and 6.7 million tons of gasoline.
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