Christopher Coats, CONTRIBUTOR
In hopes of reviving its oil and gas production efforts, Egypt has signed exploration agreements with Cypriot and U.S. firms to assist with onshore projects.
According to media reports, Cairo signed deals with IPR and Cypriot subsidiary Mediterra to help the country reach new production goals, specifically focusing on three exploration wells in sectors 7 and 8 in southern Egypt.
The deals come as Egypt continues to push for a revival of its energy production sector, which largely collapsed following the fall of the Mubarak government in 2011. Since then, Egypt has struggled to meet its rising energy needs, resulting in mounting debt to foreign producers and efforts to curb usage and subsidies to consumers.
