Egypt signs $340 million oil, gas deals with global firms

Egypt has signed four agreements with international firms worth more than $340 million to explore gas and oil in the Mediterranean and Nile Delta, the Petroleum Ministry said in a statement on Saturday.

They include a $120 million deal with Shell and a $100 million deal with Italy's Eni, the statement said.

Egypt seeks to boost gas production after increasingly turning to imports to meet domestic demand.

Egypt, once a regional exporter, is having to import some of its gas as its own production has fallen due to aging fields and lack of investment in new fields.