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 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.