Egypt, officially the Arab Republic of Egypt, is a country located in northeastern Africa, with a population of over 107 million residents as of 2024. It is bordered by the Mediterranean Sea, the Gaza Strip of Palestine and Israel, the Red Sea, Sudan, and Libya.
According to reports, Egypt’s Ministry of Petroleum and Mineral Resources recently signed two agreements with international companies to invest a total of $340 million USD to boost oil and gas production. This investment of $222 million USD with Shell Egypt and Malaysia’s Petronas will be used to boost natural gas production in the Mediterranean’s west Delta region, as well as drilling three wells and establishing marine facilities.
The report further mentions an additional $120 million USD investment deal with Cheiron Energy to increase oil production in the Gulf of Suez.
