Egypt has numerous energy agreements with domestic and foreign oil giants.

Egypt’s oil and petroleum minister announced on Friday that the country has signed nine oil and natural gas exploration deals with domestic and foreign energy firms worth $1 billion. Regarding the recent agreements, Tarek El Molla said, “Egypt seeks to attract new international investments in gas and oil exploration and, as a priority, to enter into deals with large companies.”The ministry added that the agreements were signed with a number of the major companies in the industry, including Exxon Mobil, Chevron, BP, Total and Shell.

The Mediterranean is renowned for its rich energy resources, and the country said the agreement will encourage companies to conduct exploration along the eastern and western coasts of the Mediterranean and even close to the Red Sea. Six major oil and gas firms will dig and drill 17 wells to explore and extract oil and gas from the field, as per the agreement.

A field test carried out by Italy’s Eni in September showed that the offshore area of the Nile Delta is rich in natural gas. Initial assessment results from test wells and associated reservoirs indicated that the Great Nooros Area is home to around 4 trillion cubic feet of gas.Back in 2016, in the Eastern Mediterranean, Eni helped Egypt discover its energy potential. It enabled the North African nation to benefit tremendously from the discovery of gas reserves in the region of Zohr by Eni. The nation is looking at encashing these properties with them.

Egypt signed major energy deals last year with US oil industry leaders Chevron, Anglo-Dutch Shell, and Mubadala in Abu Dhabi, giving them the right to exploit Red Sea oil and gas to push for new hydrocarbon reserves.The country issued licences for concessions in the western and eastern desert areas, including the Nile Delta and the Gulf of Suez, after studying the work of a few companies. Cairo stressed that another initiative to undertake an exploration drive in the Red Sea blocks will soon be initiated.

As Saudi Arabia, the world’s largest oil exporter, said it was also looking at exploring the Red Sea reserves in its territorial waters, the Red Sea, another rich energy reservoir, is just as common in the region.Last year, Riyadh announced the discovery of vast amounts of gas in the Red Sea in order to draw more companies for preliminary investigations. The Kingdom announced that over the next two years, it will conduct an investment feasibility study for the same and accelerate exploration plans.