Archana Rani

Egypt signs two new deals for oil exploration and production

The deals allow Transglobe Energy and Pharos Energy to explore and produce petroleum, with a total investment of at least $506m.

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The exploration well encountered a potential hydrocarbon-bearing reservoir in three formations.

GIP will fund its 49% share of capital expenditure, as well as invest $822m as construction capital.

Norway has awarded a total of 53 new production licences under the licencing round APA 2021.

Some OPEC member countries are facing difficulties in meeting the allowed capacities due to underinvestment and outages.

If successful, the project would help in improving energy self-sufficiency in the country.

Wintershall will now focus on developing gas projects in Tierra del Fuego and Neuquén, in Argentina.

Last year, Angola Block 14 B.V's net production stood at 9,000 barrels of oil equivalent per day.

The second well in the Adorf Carboniferous gas field reported flow rates of up to 2,800boepd.