Egypt Signs $1billion deal with Shell & Petronas

Jobs prospect blooms as Egypt signed a deep-water oil and gas exploration deal with Royal Dutch Shell and Petronas worth around US$1 billion (RM4.14 billion) for eight wells in the country’s West Nile Delta, the petroleum ministry said on Saturday.

 

The country also signed a second US$10 million deal with Rockhopper, Kuwait Energy and Canada’s Dover Corporation for exploration in the Western Desert, a ministry statement said. 

Egypt aims to be a regional hub for the trade of liquefied natural gas (LNG) after a string of major discoveries in recent years, including Zohr, which holds an estimated 30 trillion cubic feet of gas.

You know what it translates to if all eight well exploration are successful.

S: Reuters