Egypt signs oil deals with Total, BP, Eni

According to media reports, Egypt signed three offshore oil and gas exploration deals with France’s Total, Britain’s BP and Italy’s Eni, which include the drilling of six wells in the Egyptian Mediterranean Sea. The deals are said to worth $220 million.

Egypt became a big importer of energy as it could not meet the rise in demand while it used to be a net exporter in the past. The country is currently in efforts to find alternative ways to deal with its current situation especially after Saudi Arabia halted its oil exports to the country, such as importing crude directly from Iraq starting from early 2017 and increasing oil imports from Kuwait.