Egypt signs landmark gas contract

18 December 2014

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 Egypt’s Abu al-Ghardeeq region, in the Western Desert, according to Egypt’s 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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