September 15, 2018 / 9:13 AM / 10 days ago

Egypt signs oil, gas exploration deal with Shell, Petronas worth about $1 billion: statement

CAIRO (Reuters) - Egypt has signed a deep-water oil and gas exploration deal with Royal Dutch Shell and Malaysia’s Petronas worth around $1 billion for 8 wells in the country’s West Nile Delta, the petroleum ministry said on Saturday.

Filled oil drums are seen at Royal Dutch Shell Plc's lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo

The country also signed a second $10 million deal with Rockhopper, Kuwait Energy and Canada’s Dover Corporation for exploration in the Western Desert, a ministry statement said.

Egypt aims to be a regional hub for the trade of liquefied natural gas (LNG) after a string of major discoveries in recent years including Zohr, which holds an estimated 30 trillion cubic feet of gas.

Reporting by Ehab Farouk and Ahmet Tolba; Writing by Nadine Awadalla, Editing by William Maclean

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