SEATTLE (Oil Monster): Egypt and French energy giant TotalEnergies signed an MoU to intensify natural gas exploration in the western Mediterranean, in a major stride towards boosting local production.
The agreement, signed in the presence of Prime Minister Mostafa Madbouly and senior Egyptian petroleum officials and representatives of TotalEnergies, defines the scope of a technical cooperation project including initial exploration surveys and subsea evaluation works in a large offshore area.
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Madbouly stated that Egypt will continue to attract energy investors by providing a framework of incentives and legislative reforms that aim at expediting field developments and minimizing import costs.
Petroleum Minister Karim Badawi affirmed the confidence of international energy companies in Egypt's investment environment, as the deal is based on broad negotiations with TotalEnergies management at the conference held in Cairo this year.
He also welcomed TotalEnergies' return to gas exploration in Egypt and cited the rich untapped potential of the Mediterranean and the advanced infrastructural backbone Egypt offers. An increased flow of gas production, a decrease in investment risks, and discoveries are expected to benefit the agreement, which is to gradually enhance the local output.
