Egypt announces new investments in oil and gas exploration worth $200 million

Ahram Online , Friday 2 Dec 2016

BP's offshore oil platform seen off the coast of Egypt (File Photo: Courtesy of BP Facebook page)

Egypt has accepted investment offers in oil and gas drilling and exploration worth $200 million, the petroleum ministry announced on Friday.

The companies that won the bids include Shell, British Petroleum, Apache and Apex, the ministry said in a statement. 

The oil and exploration deals are for Egypt's Gulf of Suez and Western Desert.

Egypt is seeking to attract investments in the energy sector to revive an economy battered by years of political instability.

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