Egypt, Neptune Energy sign US$35 million gas, oil exploration deal in Suez Gulf

Egypt and oil giant Neptune Energy signed on Wednesday an oil and gas exploration agreement, with a minimum investment of 35 million U.S. dollars, said the Egyptian petroleum ministry.

Under the deal, the international company will dig three wells in Egypt’s Gulf of Suez, according to a the ministry statement.

The agreement was signed on the sidelines of the three-day Egypt Petroleum Show “EGYPS 2020,” which kicked off on Tuesday in Cairo.

Egypt aims to become a regional hub for the trade of oil and liquefied natural gas after major discoveries were made in recent years, including the Zohr gas field in the Mediterranean which holds an estimated 30 trillion cubic feet of gas.

Since July 2014, Egypt has signed more than 82 gas and oil exploration deals, with a minimum investment of about 16 billion dollars.