On 15 February 2020, the Minister of Petroleum and Natural Resources of Egypt, Tarek El Molla, told Sky News Arabia TV that the country has reached initial agreements with five major energy firms to explore for oil and gas in deep waters in off its Western Mediterranean Sea. The five companies are Shell, Chevron, BP, Total and ExxonMobil.  El Molla said that the exploration and production agreements spanned seven concessions and had been signed with major companies because of the scale of investment needed. Exploratory drilling in the area would start in early 2021.  This announcement comes 4 weeks after the Egyptian government cancelled the bid round scheduled for the first half of 2020, which provided for the opening of 8 to 12 blocks in the same area of the Mediterranean Sea. It is also part of the Egyptian government's strategy to make the country a hub for gas exchanges in the region.
Egypt agrees with five majors Shell, Chevron, BP, Total and ExxonMobil on West Mediterranean offshore exploration. E&P agreements spanned seven concessions and had been signed with major companies because of the scale of investment needed. Exploratory drilling in the area would start in early 2021. This announcement comes 4 weeks after the Egyptian government cancelled the bid round scheduled for the first half of 2020, which provided for the opening of 8 to 12 blocks in the same area of the Mediterranean Sea. It is also part of the Egyptian government's strategy to make the country a hub for gas exchanges in the region.