Egypt concludes 25 agreements with world oil companies
Egypt, Economics, 7/13/2004
Minister of Petroleum Sameh Fahmy said that the Ministry's plan has succeeded in luring international companies to prospect for oil and natural gas in Egypt, a matter which culminated in signing 25 agreements from February 2004 up till now.
Fahmy said that these agreements cover oil and natural gas prospecting in offshore and inshore areas republic-wide, over an area of 170,000 kilometres with minimum commitments $79 million to drill 114 wildcats.
Furthermore, the People's Assembly has recently endorsed four new agreements including one with the British Petroleum (BP) for prospecting and utilizing a concession area of 1174 kilometres in north Shedwan in the Gulf of Suez.
Under the agreement, the minimum spending commitments hit $20 million to drill 4 wells over a nine-year period.
The second agreement signed was with a major Swiss oil company to explore oil in south Zeit Gulf in the Gulf of Suez over an area of 294 kilometres with minimum spending commitments of, $18 million for drilling 6 wells in a seven-year period.
The third agreement is related to modification of a signed agreement with Apachi Corporation for oil exploration in Khalda area in the Western Desert to be expanded to develop Khalda, Salam and Tarek areas with total investments of $314 million.
The fourth agreement is designed to amend the pricing of the natural gas in two areas in the Gulf of Suez with the BP Company.
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