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Egypt signs $35 million oil, gas exploration deal with Neptune Energy

Ahram Online , Wednesday 12 Feb 2020
Tarek El-Molla
Egypt’s Petroleum Minister Tarek El-Molla (M) during the signing of the deal with Neptune Energy on Wednesday, February 12, 2019, Cairo, Egypt (Photo: Egypt's petroleum ministry)

Egypt has signed an oil and gas exploration deal with Neptune Energy worth around $35 million for three wells in the Gulf of Suez, the oil ministry said on Wednesday.

The wells will be drilled in the North West El Amal offshore concession, the ministry said

The agreement was signed on the second day of Egypt's international oil conference EGYPS 2020.

The ministry also signed an agreement with the UK's BSW Group Holdings Ltd to set up a refining and petrochemical complex in New Alamein City on the Mediterranean coast, the ministry said in a statement sent to Ahram Online. The estimated cost of the project is $8.5 billion.

With an annual capacity of 1.5 million tonnes, the project aims to tap crude oil produced in Western Desert fields to produce petrochemicals. It will also produce another 1 million tonnes of diesel, Mazut and kerosene annually.

Another agreement was signed on Tuesday between Egypt's state-owned energy firm Petrojet and Italy's oilfield services company Saipem to work together in Libya. Joint investments between the two firms now stand at $800 million, the ministry added.

Egypt is looking to become a regional hub for liquefied natural gas trade, especially with its major discoveries in recent years including the mammoth offshore Zohr gas field.

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