Arab Finance: The Egyptian Natural Gas Holding Company (EGAS) signed four agreements to accelerate petroleum and natural gas exploration in the Mediterranean and Delta regions, with total investments of over $340 million, according to a statement.

Witnessed by Minister of Petroleum and Mineral Resources Karim Badawi, the four deals were signed with Shell, Eni, Zarubezhneft, and ARCIUS Energy.

In line with the ministry’s strategic pillar to intensify exploration and increase output, the signings will result in the drilling of 10 new wells.

Mahmoud Abdel Hamid, Chairman of EGAS, inked the first agreement with Shell Egypt's Country Chair, Dalia ElGabry to drill three wells in the Merneith offshore concession in the Mediterranean, with investments totaling $120 million.

The second deal, signed with Eni Egypt's General Manager Francesco Gasparri, includes the drilling of three wells in the East Port Said offshore concession, with an investment of $100 million.

Meanwhile, the third deal was signed with Zarubezhneft Egypt's Vice President Yassine Rahlib to drill four wells in the North Khatatba area in the Nile Delta, with investments of up to $14 million.

The fourth deal was signed with Naser Al Yafei, Chairman of ARCIUS Energy, for gas exploration at the North Damietta concession at the Mediterranean, with an investment valued at about $109 million.  

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