State-owned Egyptian Natural Gas Holding Co. (EGAS) has secured $340 million in investment through four new deals with global energy companies to expand natural gas exploration.

The agreements aim to ramp up exploration and production activities in the Mediterranean and Nile Delta regions, the ministry said in a statement.

Under the agreements, Shell will invest $120 million in the Marnith offshore block in the Mediterranean, with plans to drill three wells.

Italy’s Eni, in partnership with BP and QatarEnergy, will develop the East Port Said offshore concession for $100 million, involving the drilling of three wells.

Russia’s Zarubezhneft will invest $14 million in the North Khattabia area in the Nile Delta, planning to drill four wells. Meanwhile, Arkus Energy will allocate $109 million to explore the North Damietta offshore area in the Mediterranean.

In July Egypt announced plans to award new gas contracts to foreign companies as part of the latest concession bidding round that had attracted scores of bidders.

The concessions cover more than 26,000 sq km in north and northeast Egypt, as well as in offshore areas in the East Mediterranean, which provides most of the country’s existing gas production.

The latest round involves 12 onshore and offshore concessions offered by the EGAS, which hopes these projects will reverse a decline in the country’s natural gas wealth.

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