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Egypt signs oil and gas exploration deals worth USD220m

29 Dec 2016

(MENAFN) According to Egyptian Petroleum Ministry, it had signed three new agreements for exploring gas and oil in the Mediterranean Sea, and total investments was USD220m.

In details, agreements were signed between the Egyptian Natural Gas Holding Company – EGAS and British Petroleum, and the French Total and Italy’s IEOC -a unit of Eni- to explore gas and oil in North El-Hammad, North Ras El-Esh and North El Tabya fields.

While the first agreement was signed between Egypt’s EGAS and a consortium of BP and IEOC, it was to explore North Ras El-Esh concession area with investments of USD75m.

In addition, the second agreement was signed between Egypt and the three international firms on exploring North El-Hammad concession area with investments worth USD80m.
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