6 New Petroleum Agreements with $485 Million

Eng. Sherif Ismail, Minister of Petroleum and Mineral Resources signed 6 new agreements for oil and gas exploration in the Western Desert, the Gulf of Suez and the Mediterranean Sea regions with the Italians Edison and IEOC Companies , the German RWE Dea and the English British Petroleum (BP) and the Scottish Petroceltic, with minimum investments of about $ 485 million & signature bonuses of $ 17.7 million to drill 16 new wells.

Eng.Tariq Al-Mulla, Executive Chairman of the Egyptian General Petroleum Corporation ( EGPC), and Eng. Khalid Abdel Badia, Chairman of the Egyptian Natural Gas Holding Company signed the agreements with the the Companies’ Chairmen.

The Minister of Petroleum pointed out that, by signing these agreements, the Petroleum Sector has signed 48 new agreements since November 2013 with minimum investments of about $ 2.7 billion and signature bonuses of about $ 388.7 million, to drill 210 new wells.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects