Egypt Strikes Deals With Shell, Apex

Egyptian Oil Minister Tarek El Molla has signed three oil and gas exploration deals for 16 new fields in the Western Desert worth at least $81.4 million with Royal Dutch Shell and the US-based Apex Oil Company. The Petroleum Ministry said in a statement that the first deal would see Shell invest $35.5 million and the other two would see Apex, which is operating in Egypt for the first time, invest a combined $45.9 million on two projects, Reuters reported. Egypt, which used to be a net energy exporter, has become a net importer in recent years as consumption has increased while production has fallen. The government has launched a drive to lure back foreign investors to its energy sector to offset a squeeze on public finances. In December, Egypt accepted six bids for oil and gas exploration worth up to $200 million.