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Egypt Signs 12 Deals for Gas, Oil Exploration in Mediterranean, Red Sea

A gas field in Egypt. (Reuters)
A gas field in Egypt. (Reuters)
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Egypt Signs 12 Deals for Gas, Oil Exploration in Mediterranean, Red Sea

A gas field in Egypt. (Reuters)
A gas field in Egypt. (Reuters)

Egypt has signed nine new agreements, valued at more than $1 billion, with six local and international companies for exploration of oil and natural gas, announced Ministry of Petroleum and Mineral Resources.

The ministry said in a press statement that the companies will drill 17 wells in the eastern and western Mediterranean Sea and regional water of the Red Sea.

The nine deals were concluded with Exxon Mobil Corporation, Chevron Corporation, South Valley Egyptian Petroleum Holding Company, and Total along with its partners: Kuwait Foreign Petroleum Exploration Company (KUFPEC), Shell, and Tharwa.

Egypt's Minister of Petroleum Tarek al-Molla announced that the nine deals are part of 12 new agreements that the ministry has concluded since March 2020 for drilling 23 wells, nine of them offshore the Mediterranean and three in the Red Sea.

The remaining agreements will be completed during the coming period.

Molla explained that the ministry’s new strategy to promote investment opportunities helped attract new international investments in oil and gas exploration and conclude new partnerships with giant and major companies in the global petroleum industry.

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Report: EU to Vote on Oct 4 to Finalize Tariffs for China-made EVs

A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
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Report: EU to Vote on Oct 4 to Finalize Tariffs for China-made EVs

A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)

The European Union is planning to vote on whether to introduce tariffs as high as 45% on imported electric vehicles made in China on Oct. 4, Bloomberg News reported on Saturday, citing people familiar with the matter.
Member states have received a draft of the regulation for the proposed measures, the report said, adding that the new date could still change.
According to the report, the vote among the bloc's member states was slightly delayed amid last-minute negotiations with Beijing to try to find a resolution that would avoid the new levies.
The European Commission did not immediately respond to a Reuters request for comment.
The European Commission is on the verge of proposing final tariffs of up to 35.3% on EVs built in China, on top of the EU's standard 10% car import duty.
The proposed final duties will be subject to a vote by the EU's 27 members. They will be implemented by the end of October unless a qualified majority of 15 EU members representing 65% of the EU population votes against the levies.