Apache and Shell set to invest $30-40m in Egyptian fracking project
Egypt has signed its first contract for the production of unconventional gas, making a deal for three wells with the US energy company Apache and the Egyptian unit of the Anglo-Dutch multinational Shell.
The wells will be drilled in Egypts Abu al-Ghardeeq region, in the Western Desert, according to Egypts oil ministry.
Egypt is currently struggling with its worst gas crisis in decades as domestic production declines due to underinvestment from foreign oil companies.
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