Egypt signs more gas exploration deals

Egypt signs more gas exploration deals

Sherif Ismail, Minister of Petroleum and Mineral Resources, signed three new agreements to explore for oil and natural gas in the regions of Western Desert and the Nile Delta. 

Deals were signed with the Tunisian company HBS and the French company Total, with minimum investments of about $ 47 million and signature bonuses of $ 23 million, to drill 10 new wells.

The agreements were signed by the Egyptian General Petroleum Corporation ( EGPC ), Chief Executive Tariq Al-Mulla, and the Egyptian Natural Gas Holding Company (EGAS), Khaled Abdel Badiea with the majors, HBS and Total.

The minister pointed out that by signing these three agreements the petroleum sector has managed to sign 53 new agreements to explore for oil and gas since November 2013 with minimum investments of about $ 2.9 billion and about $ 431.8 million signature bonuses, to drill 228 wells.

Press Release; Image: petroleum.gov.eg

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