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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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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo

Diriyah, one of Saudi Arabia's giga-projects, has agreed deals worth nearly $1 billion with European firms and is in talks to attract more foreign capital, its CEO said.

Diriyah, located at a UNESCO World Heritage site outside the capital Riyadh, has been backed by PIF investments worth a total of around 20 billion riyals ($5.33 billion) in 2023 and 2024, and should get 12 billion riyals more next year, its CEO said.

It has recently agreed deals worth nearly $1 billion in total with an Italian developer and a French company and is in talks with several foreign investors looking to buy equity stakes in hotels and other real estate developments, Jerry Inzerillo told Reuters in New York this week.

"There's a lot of interest from America, a lot of interest from every country," he said. "We'll work with any country that can deliver quality and stay on time."

Foreign investors have already bought stakes in several projects in Diriyah, said Inzerillo, with more to come.

"A lot of people can see that it's built, it's doable; it's no longer renderings, no longer 'you wait and see' ... So now we're seeing a big spike in interest in foreign investment".

Inzerillo said investment priorities have changed because of upcoming events such as the Expo 2030 world fair, which Riyadh last year won the right to host. But the pace and scope of the Saudi giga-projects have not been scaled back, he said.

"It's a realignment, a re-prioritization ... not a reduction," he added.