Egypt: New exploration agreements signed

Egypt witnesses the signing two agreements for wells.

US Apache Corporation will drill six wells in the Western desert
US Apache Corporation will drill six wells in the Western desert

Egyptian Prime Minister, Ibrahim Mehleb attended the signing of two oil and natural gas exploration agreements for drilling of wells in the Western desert and Suez Gulf. The total investment is estimated to be $63 million.

The first agreement between Egyptian General Petroleum Company and US Apache Corporation will involve drilling of six wells in the Western desert, estimated at $24 million with a signing bonus of US$15 million; while the second agreement was signed between South Valley holding company for petroleum and British Dragon oil is to dig three wells at the Suez gulf, estimated to cost $39 million with a signing bonus of $6 billion.

These new agreements bring the total number of exploration agreements signed in Egypt since October 2013 to 31.

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