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Egypt signs 9 agreements for oil, gas exploration worth $452M

Cairo: Egypt signed nine petroleum agreements for oil and natural gas exploration in the Mediterranean and Western Desert regions, with a minimum investment of about $452.3 million, Minister of Petroleum Tarek el-Molla said Monday.
“This is in addition to signing grants of about $84 million and drilling 38 wells,” Molla said.
According to a statement issued by the Egyptian Petroleum Ministry on Jan. 20, the agreements were as follows:
The first four agreements were signed between the Petroleum Authority and Shell Company, as the first agreement came with a minimum investment of about $24.5 million in Western Deserts East Horus, in addition to signing a grant of $23 million to drill five wells.
The second agreement registered a minimum investment of about $7.8 million in Abu Senan, Western Desert, in addition to a grant of $1 million for drilling three wells.
The third agreement is related to the Western Fayoum region in Western Desert, with a minimum investment of about $24.7 million and a grant of $27 million to drill six wells.
The fourth agreement came with a minimum investment of about $60 million in Badr -2 and Badr-17 in Western Sahara, and a grant of $10 million to drill nine wells.
Moreover, the fifth and sixth agreements were signed between the Petroleum Authority and Apache Company, as the fifth agreement is an amendment to the gas price in Western Knaiss region in Western Desert. It comes with a minimum investment of about $ 5.5 million, and a signature grant of $4 million to drill two wells.
The sixth agreement amends the gas price in West Kalabsha region of Western Sahara with a minimum investment of about $20.8 million and a signature grant of $6 million to drill eight wells.
The seventh agreement is related to Al-Fanar concession area in the Mediterranean, and was signed between EGAS, Shell and Petronas, with a minimum investment of approximately $129 million, and a signature grant of $3 million to drill two wells.
The eighth agreement is in the North Sidi Gaber offshore concession area in the Mediterranean and was signed by EGAS, Shell and Petronas, with a minimum investment of about $180 million and a signature grant of $10 million to drill three wells.
As per the ninth agreement, it is an adjustment to the price of gas in the Mediterranean port concession area, and was signed by EGAS, Shell and BP. Source: Egypt Today

Time Added: 2020-01-21 08:54:29
Source: arabfinance
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