Egypt signs $340 million oil, gas deals with global firms

The exploration deals come as Egypt aims to boost domestic production to meet increasing local demand. Egypt has signed four agreements with international firms worth more than $340 million to explore gas and oil in the Mediterranean and Nile Delta, the Petroleum Ministry said in a statement on Saturday. They include a $120 million deal with Shell and a $100 million deal with Italy's Eni, the statement said. Egypt seeks to boost gas production after increasingly turning to imports to meet domestic demand. Egypt, once a regional exporter, is having to import some of its gas as its own production has fallen due to aging fields and lack of investment in new fields.