Egypt inks oil, gas exploration deals with $452mln investments

The deals include the drilling of 38 wells

  
Image used for illustrative purpose. oil field.

Image used for illustrative purpose. oil field.

Getty Images

Cairo – Mubasher: Egypt has signed nine agreements for oil and gas exploration and production in areas in the Mediterranean Sea and the Western Desert, the country’s oil minister, Tarek El-Molla, said.

The deals include the drilling of 38 wells with minimum investments of $452.3 million and signature bonuses of $84 million, El-Molla added in a statement on Monday.

Under the first agreement signed with the Egyptian General Petroleum Corporation (EGPC) and Shell, five wells will be drilled at East Horus area in the Western Desert with minimum investments of $24.5 million and a signature bonus of $23 million.

The second agreement, also signed with the EGPC and Shell, includes the drilling of three wells at Abu Senan Area in the Western Desert with minimum investments of $7.8 million and a signature bonus of $1 million.

Moreover, the third deal was signed with the EGPC and Shell for the drilling of six wells at West Fayum area in the Western Desert with minimum investments of $24.7 million and a signature bonus of $27 million.

The fourth agreement, also signed with the EGPC and Shell, includes the drilling of nine wells at Badr 2 and Badr 17 areas in the Western Desert with minimum investments of $60 million and a signature bonus of 10 million.

The fifth agreement was signed with the EGPC and Apache Corporation for the drilling of two wells at West Kanayes in the Western Desert with minimum investments of $5.5 million and a signature bonus of $4 million.

Under the sixth deal also signed with the EGPC and Apache Corporation, a total of eight wells will be drilled at West Kalabsha area in the Western Desert with minimum investments of $20.8 million and a signature bonus of $6 million.

The seventh agreement, signed with the Egyptian Natural Gas Holding Company (EGAS), Shell, and PETRONAS, includes the drilling of two wells at Fanar marine concession area in the Mediterranean Sea with minimum investments of $129 million and a signature bonus of $3 million.

The eighth deal was also signed with EGAS, Shell, and PETRONAS for the drilling of three wells at North Sidi Gaber marine concession area in the Mediterranean Sea with minimum investments of $180 million and a signature bonus of $10 million.

The ninth agreement, signed with EGAS, Shell, and BP, includes modifying gas prices at El-Borg marine concession area in the Mediterranean Sea.

Source: Mubasher

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