Shell, Petronas sign oil and gas exploration deal with Egypt

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The petroleum ministry of Egypt said the country has signed a deep water oil and gas exploration deal with Royal Dutch Shell and Malaysia’s Petronas, worth about $1 billion for 8 wells in the West Nile Delta.

Reuters also reports that a statement released by the ministry said the country also signed a deal worth $10 million with Rockhopper- an oil and gas exploration company headquartered in the United Kingdom, Kuwait Energy and Canada’s Dover Corporation for exploration in the Western Desert.

After a string of major discoveries, including the Zohr, which holds an estimated 30 trillion cubic feet of gas, Egypt plans to be a regional hub for the trade of Liquified Natural Gas (LNG).

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