Alexandria:Cairo Egypt's Ministry of Petroleum and Mineral Resources has announced a new agreement to explore natural gas in the East Alexandria Offshore area of the Mediterranean. This agreement is between the state-owned Egyptian Natural Gas Holding Company (EGAS) and Cheiron.
According to Wam, the deal requires Cheiron to invest a minimum of more than $42 million. The investment will be used to drill three exploration wells and to reprocess seismic data, aiming to assess the potential of the area and discover additional gas resources.
Minister of Petroleum and Mineral Resources, Karim Badawi Badawi, stated that these new agreements are crucial for accelerating exploration efforts. He emphasized that initiating work programs in new areas could lead to new discoveries and bolster oil and gas reserves. Badawi highlighted that increased exploration, along with the rapid development of discovered fields, is integral to the ministry's strategy to boost domestic output. This strategy aims to meet a larger share of local demand and enhance energy security in the coming years.
