Egypt signs oil, gas deals with foreign companies

CAIRO, Feb. 14 (UPI) -- The Egyptian government said it signed oil and natural gas exploration deals with Middle East and European companies on behalf of a national holding company.

Egyptian Oil Minister Sherif Ismail signed deals with Emirati energy company Dana Gas, Italy's Edison and Irish exploration and production company Petroceltic, the Egyptian news website Ahram Online reported Thursday.


The deals, signed on behalf of Egypt's National Natural Gas Holding Co., are expected to bring in $265 million in new investments to the Egyptian energy sector. Exploration is expected in the Mediterranean Sea, the Nile Delta and the Gulf of Suez, the report said.

No statement was made from Dana, Edison or Petroceltic on the deals.

Eight other oil and gas exploration deals were signed in January valued at $2.1 billion.

Apache Corp., which this week singled out a partnership agreement in Egypt with China Petrochemical Corp. as among its recent high points, said average oil production in Egypt for 2013 of 89,561 barrels per day was 10 percent lower than the previous year. Gas production was down as well, though only modestly year-on-year.

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