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CAIRO, Jan 9 (Reuters) - Egypt has signed six new oil andgas exploration contracts worth hundreds of millions of dollarswith foreign and Egyptian companies, the oil ministry said onFriday.
The agreements provide for the drilling of some 41 discoverywells in the western desert and Gulf of Suez, the ministry saidin a statement via the official news agency.
Among the major companies selected are Shell, ENI, BP and Canada's TransGlobe Energy.
Egypt has been struggling with soaring energy bills causedby the high subsidies it provides on fuel for its population of87 million. The subsidies have turned the country from a netenergy exporter into a net importer over the last few years.
The government is keen to develop untapped finds to reduceits reliance on imports but has struggled to persuade companiesto invest in the biggest finds, which are offshore, because theamount it pays them barely covers the investment costs.
Economic turmoil has also caused the government to fall intoarrears to existing producers. The oil ministry said last monthEgypt had repaid $2.1 billion of its debt to foreign energyfirms as it seeks to restore confidence and encourageinvestment. It still owes $3.1 billion. (Reporting by Mostafa Hashem; Editing by Elaine Hardcastle)
