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FINANCIAL NEWS
Egypt signs oil exploration deals with Apache, Dana
17 Sep 2010
(MENAFN) Apache Corp, Dana Petroleum and Merlon International will explore for oil in Egypt’s western desert under deals signed with the government, state news agency MENA reported.
Apache and Dana will drill five exploratory wells in the region east of Beni Suwais in collaboration with the Egyptian General Petroleum Corporation under a deal worth at least $12.5 million, with a signature bonus of $6 million, the agency said.
Merlon International will drill six wells in Fayoum region for an exploration cost of at least $24 million and a signature bonus of $3 million.
Under a third deal, Ganoub El Wadi Holding becomes the first company to search for oil in the Big Gulf region in the southwest desert, drilling two exploratory wells under a deal worth at least $8 million, MENA said.
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