Two oil, gas prospecting agreements with US, Tunisian firms

Egypt's Minister of Petroleum Sameh Fahmi signed yesterday two agreements with US and Tunisian firms to prospect for oil and natural gas in the Western Desert with total investments reaching $ 30 million.

The first agreement signed with a US firm which undertakes prospecting for oil in Fayoum in the Western Desert over an area of 4500 km square for digging 9 wells within 6 years.

The second agreement was concluded with Tunisian HPS to prospect for oil over an area of 4190 km square for digging 5 wells in 7 years.

Following the signature ceremony, Fahmi said the two agreement are included among another 25 agreements, the Peoples Assembly approved in its recent session.