Mehleb Witnesses Signing of 2 Petrol, Natural Gas Excavation Agreements

Prime Minister witnessed protocols of signing two new agreements in field of excavating petrol and natural gas in Western desert and Suez gulf areas at investments estimated at US$63 million.

The first agreement was signed between the Egyptian General Petroleum Company and the US Apache Corporation to dig six wells at the Western desert at investments of $24 million and signing bonus of US$15 million. The second agreement was signed between South Valley holding company for petroleum and the British Dragon oil to dig three wells at the Sue gulf at investments of $39 million and signing bonus of $6 billion.

The new agreements raise the total number of agreements signed to 31 of excavation of petrol and natural gas since October 2013, at minimum rate of investment of around $2 billion and signing bonuses of $216 million. The minimum rate of wells dug has reached 135.

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