Cairo – Mubasher: Egypt has signed four new agreements for oil and gas exploration with investments of $155 million in the Western Desert, Gulf of Suez, and Nile Delta.

The new four oil and gas deals includes investments of at least $155 million with a signature bonus of $10.5 million, covering the drilling of 30 wells, according to a statement released by the Ministry of Petroleum on Wednesday.

The first agreement, signed between the Egyptian General Petroleum Corporation (EGPC) and the International Egyptian Oil Company (IEOC), includes investments of $17 million and a signature bonus of $1.2 million for the drilling of four new wells in the Southeast Siwa concession area in the Western Desert.

In addition, the second agreement, signed between EGPC and IEOC, includes investments of $34 million and a signature bonus of $2.3 million for the drilling of 13 new wells in the Northwest Razzak concession area in the Western Desert.

With investments of $36 million and a signature bonus of $2.3 million, the third agreement, signed between EGPC and Merlon Petroleum El Fayum, covers the drilling of eight new wells in the North Beni Suef concession area in the Nile Delta.

Finally, the fourth agreement, signed by Ganoub El Wadi Petroleum Holding Co. with other two oil companies, includes investments of $68 million and a signature bonus of $2 million for the drilling of five new wells.

Egypt is expected to sign four new agreements for oil and gas exploration in the coming period, the petroleum minister Tarek El-Molla said.

He revealed that the parliament approved signing nine new agreements and the necessary regulations are currently being drafted.

Since 30 June 2013, the petroleum ministry has signed a total of 103 oil and gas agreements, El-Molla added.

Source: Mubasher

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