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

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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.

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. REUTERS/Marcos Brindicci

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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