Egypt signs 3 oil and gas exploration agreements worth $320 million

According to a published press release, the agreements included two contracts signed with EGAS and ExxonMobil Egypt for the exploration and production of natural gas and crude oil in the Masry and Cairo offshore blocks in the Mediterranean.

The third agreement was signed with EGPC and PICO Energy Group and KUFPEC Egypt for the development and production of oil in the Geisum and Tawila blocks west of the Suez Canal.

The Geisum & Tawila West concession is located at the southern entrance to the Gulf of Suez and covers the North Geisum, South Geisum, Northeast Geisum and Tawila West fields.

The site, which comprises 87 wells, six offshore platforms, five production pipelines and an onshore storage facility, is the centerpiece of Cheiron's production and storage cluster. The concession currently produces an average of 4,900 b/d.

The country's oil exports fell to $11.7 billion from $13 billion. in the first nine months  for the 2022/2023 financial year.

Meanwhile, oil imports reached $10 billion, compared with around $9 billion over the same period.