The Minister of Petroleum and Mineral Resources, Tarek El Molla, signed nine agreements for exploration and production (E&P) activities in the Mediterranean and the Western Desert with investments worth $452.3 million as well as a signature bonus for drilling 38 wells with $84 million, according to a press release.

The first agreement is signed between the Egyptian General Petroleum Corporation (EGPC) and Shell for the E&P activities in East Horus, the Western Desert with investments estimated at $24.5 million as well as a signature bonus estimated at $23 million.

The second one is also between EGPC and Shell for the E&P in Abu Sennan at a cost of $7.8 million and a signature bonus worth $1 million.

The next agreement between EGPC and Shell is for the E&P in West Fayoum with investments worth $24.7 million and a signature bonus estimated by $27 million.

The fourth one singed between EGPC and Shell is for the E&P in Badr 2 and Badr 17 with investments reaching to $60 million and a signature bonus worth $10 million.

Another agreement was inked between EGPC and Apache for the E&P in the West Kanayes, with a cost of $5.5 million, in addition to a signature bonus at a cost of $4 million.

The sixth agreement was also conducted between EGPC and Apache for E&P operations in West Kalabsha with investments worth $20.8 million and a signature bonus worth $6 million.

Moreover, the agreements signed for E&P activities in the Mediterranean included one inked between the Egyptian Natural Gas Holding Company (EGAS), Shell and Petronas Company for E&P activities in Fanar Offshore with investments worth $129 million and a signature bonus worth $3 million.

Another agreement was signed between EGAS, Shell and Petronas for E&P in North Sidi Gaber Offshore at a cost of $180 million and a signature bonus of $10 million, in addition to another one signed between EGAS, Shell and BP company to modify the natural gas’s price in El Burg Offshore.

El Molla said during the signature ceremony that the petroleum sector continues to sign more petroleum agreements to intensify the E&P activities leading to enhance production and increase oil and gas reservoirs in Egypt, noting that the ministry’s strategy targets international bid rounds in the upcoming period.

El Molla demonstrated that the number of agreements conducted between the ministry and its partners have reached to 79 since July 2014, in addition to another four agreements which have been approved by the parliament to be signed later.