Results of bidding to explore for Egyptian petroleum coming this week

Egyptian Minister of Petroleum Hamdi El-Banbi said he will announce the results of international bidding for rights to explore for gas and petroleum this week.

Banbi signed an agreement to explore for petroleum and for using it is area in north IDCO, in the waters of the Mediterranean Sea, with a group composed of the US company Union, the German company Demiteks and the Hungarian company Mall.

He added that this agreement would be made with spending 64 million-dollar and with digging 12 exploratory dwells in the 2048 cubic km area.

Banbi also said 11 new agreements will be signed with international companies this year, covering 50,000 km in Egyptian areas on land and off shore.