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FINWIRES

TotalEnergies, EGAS Sign Egypt Offshore Exploration Agreement

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TotalEnergies (TTE) and Egyptian Natural Gas signed an offshore exploration agreement covering a large area in northwestern Egypt, the companies said Wednesday.

The memorandum of understanding creates a framework for technical cooperation, including preliminary exploration work and subsurface evaluation activities in the offshore region, according to the statement.

"We are pleased to launch this cooperation with EGAS, which reflects our shared ambition to further strengthen our partnership with the Arab Republic of Egypt," Nicola Mavilla, Senior Vice President at TotalEnergies said.

He added that the partnership will support efforts to assess deep offshore exploration opportunities in Egypt.

Price: $91.24, Change: $-0.52, Percent Change: -0.57%

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