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Egypt signs 3 oil and gas exploration deals worth $220 mln

Minister of Petroleum Tarek El-Molla signed 3 petroleum and natural gas exploration agreements with a number of European companies.

Egypt signs 3 oil and gas exploration deals worth $220 mln Egypt signs 3 oil and gas exploration deals worth $220 mln


Egypt´s Minister of Petroleum Tarek El-Molla signed on December 28, 2016, three petroleum and natural gas exploration agreements with a number of European companies, including the Italian Egyptian Oil Company (EIOC) - a subsidiary of Eni, British Petroleum (BP), and French Total, according to a report issued by the ministry.

 

The explorations are expected to be carried out with minimum investments of $220 mln in the Mediterranean in the offshore areas of North El Hammad, North El Tabya, and North Ras El Esh.

In addition, about 6 new wells will be drilled according to the 3 agreements.

 

The 1st agreement with BP and the EIOC would inject investments worth $75 mln in North Ras El Esh, where Eni has a share of 50% of the area managed mainly by BP.

The 2nd agreement with the BP, EIOC, and Total in North El Hammad would inject investments worth $80 mln, where Eni has a share of 37.5% of the area’s management.

The 3rd agreement with BP in North El Tabya would inject investments worth $65 mln, according to the report.

 

«Signing the 3 agreements is the result of a global bid launched by the Egyptian Natural Gas Holding Company (EGAS) for gas and petroleum exploration,» said El-Molla

The Ministry of Petroleum announced early in December that 6 offers made by 4 companies won the global bid for 2016 for petroleum and natural gas exploration in the areas of the Gulf of Suez and the Western desert.

Source : Neftegaz.RU