Egypt signed 3 deals on oil and gas exploration amounts to $220 millions
30.12.2016 - 15:01
The deals include drilling for six wells On Wednesday Egyptian Oil Minister Tarek Al-Molla signed three agreements with european companies for the exploration of oil and gas wells in the Mediterranean Sea. All services of the companies valued at least $220 million.
Egypt aspires to increase its oil and gas production to meet the growing domestic demand for energy.
The state-owned Egyptian Natural Gas Company (EGAS) signed the agreements with Italian energy major ENI's Egyptian subsidiary IEOC, Britain’s BP and French Total on behalf of the petroleum ministry.
The deals include drilling for six wells, the ministry said in a statement. The first deal, signed with a consortium of BP and IEOC, is worth $75 million, the second, with a consortium of all three companies, is worth $80 million and the third with BP alone worth $65 million.
Earlier in December, Egypt accepted six bids for oil and gas exploration, according to the petroleum minister.
Royal Dutch Shell, BP, Apache Corp and Apex were among the companies that won the bids.
Egypt owes about $3 billion to international oil companies for oil and gas exploration.
Source: egyptindependent.com