Egypt: Signing Two New Agreements with $ 97m

Eng. Sherif Ismail, Minister of Petroleum signed two new agreements to explore for natural gas and oil in the Nile Delta region with the Emirati, Dana Gas Company and the British BP with minimum investments estimated at about $ 97 million.

The Minister of Petroleum confirmed that continuing to sign new petroleum agreements underlines the confidence of major companies in the petroleum potential at various Egyptian regions, particularly in the Mediterranean Sea, the Nile Delta and the Western Desert. Thus, representing a cornerstone in attracting investment to intensify exploration and development activities of the discovered fields.

The president of the Egyptian Natural gas Holding Company, Eng. Khalid Abdel Badiea signed the agreements with the majors Dana Gas & BP.

Moreover, the minister pointed out that by signing these two new agreements , the petroleum sector has managed to sign 50 new agreement to explore for oil and gas since November 2013 with minimum investments of about $ 2.8 billion and signature bonuses of about $ 408.7 million to drill 218 wells.

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