BP & Eni sign $2bn Egypt exploration deals
European supermajors ink deals worth $1.1 bn and $900m with EGPC
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The Egyptian Oil Ministry has announced that it has signed six oil and gas exploration deals that should yield around US$2.3 billion in new investments.
"Of the total, five are extensions and amendments to already existing deals and one is a completely new deal," an oil official is quoted by Reuters as saying.
The deals were signed with British supermajor BP, a subsidiary of Italian oil giant Eni, IEOC as well as the local operator Tharwa and cover the Eastern Desert, Nile Delta, Gulf of Suez and North Sinai.
Two agreements signed between the state-owned Egyptian General Petroleum Corporation, BP and IEOC are worth a reported $1.1 billion and $900 million respectively.
The Tharwa deal, signed in conjunction with Ganoub el-Wadi Petroleum Holding Company, covers the exploration of a 43 square kilometres area in Egypt’s Eastern Desert and is worth $17.5 million.