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Egypt signs oil and gas exploration deals with Shell, Apex

Egyptian Oil Minister Tarek El Molla has signed three oil and gas exploration deals for 16 new fields in the Western Desert worth at least $81.4-million in total with Royal Dutch Shell and the US-based Apex Oil Company. The Petroleum Ministry said in a statement that the first deal would see Shell invest $35.5-million, and the other two would see Apex, which is operating in Egypt for the first time, invest a combined $45.9-million on two projects.

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