Egypt has signed three new agreements worth $319.5 million with the Egyptian Natural Gas Holding Company(EGAS), the Egyptian General Petroleum Corporation (EGPC), and a group of international companies to dig 13 wells.

According to a statement on Thursday, the agreements included two contracts signed with EGAS and ExxonMobil Egypt for the exploration and production of natural gas and crude oil in the  Masry and Cairo offshore blocks on the Mediterranean.

The third agreement was signed with EGPC and PICO Energy Group and KUFPEC Egypt for the development and production of oil in the Geisum and Tawila blocks in the west of the Suez Canal.

The Geisum & Tawila West Concession is located at the southern entrance of the Gulf of Suez and covers the North Geisum, South Geisum, Northeast Geisum, and Tawila West fields.

The site - which includes 87 wells, six offshore platforms, five production pipelines and an onshore storage facility - forms the centre of Cheiron’s production and storage hub. This concession currently produces averages 4,900 bbl/d.

The country's petroleum exports decreased to $11.7 billion, down from $13 billion during the first nine months of FY 2022/2023.

Meanwhile, petroleum imports rose to $10 billion, up from around $9 billion in the same period.