Egyptian Minister of Petroleum, Tarek El Molla stated that Egypt’s government approved five oil and gas drilling and exploration agreements with foreign companies, reported Reuters. Four of the deals are gas exploration and drilling agreements between the Egyptian Natural Gas Holding Co. (EGAS) and BP, Eni, Total, and Edison, while the fifth agreement, is between the Egyptian General Petroleum Corporation (EGPC) and local company Trident Petroleum aimed at oil drilling in the Gulf of Suez, according to Trade Arabia.
Egypt currently produces about 3.9bcf/d of gas and imports another 1-1.1bcf/d.
Once an energy exporter, Egypt is now a net importer because of its declining oil and gas production and increasing consumption. The north African nation is trying to increase output at recent discoveries to achieve a balance between supply and demand.