The Egyptian Natural Gas Holding Company (EGAS) has signed three US$265mn contracts for oil and natural gas exploration with three companies from the UAE, Ireland and Italy
Under the contracts, oil and gas exploration will be carried out in northern Arish and the southern Delta city of Edco alongside the drilling of eight wells across several sites.
Sherif Ismail, Egypt's minister of petroleum, said, "The only way we can increase rates of production and our reserves of crude oil and natural gas is through international tenders and signing exploration agreements."
Ismail said international bids are an effective way to attract foreign investments to Egypt.
The latest agreements put the number of contracts signed by the country's oil and gas sector to 26, with total investments of US$1.1bn.
