U.S. oil and gas producer Apache Corporation signed on Wednesday a nine-billion-U.S. dollar deal with Egypt's Ministry of Petroleum to explore and produce oil and gas in the country's Western Desert، Xinhua reported.
In a statement، the ministry said the deal includes assigning an investment of 30 million U.S. dollars to dig seven wells in the area.
Egyptian Petroleum Minister Tarek al-Molla said the new deal is part of the ministry's efforts to boost production and reserves of oil and natural gas، and to attract foreign investment، according to the statement.
The new agreement brings the total number of oil and gas deals signed by Egypt since 2014 to 87، the statement added.
Once an energy exporter، Egypt has turned into a net importer of energy in recent years، as a result of declining production and increasing consumption.
However، Egypt aims to return to an energy exporter after resources were discovered across the country، which has attracted several international firms over the past few years