French petroleum companies in Egypt once again

Egyptian Minister of Petroleum Hamdi El-Banbi announced yesterday that during his meeting yesterday with French Minister of Industry Christian Periret in the presence of the French ambassador in Cairo, he discussed areas of cooperation between Egypt and France in activities of drilling and producing petroleum in Egypt and the implementation of new petroleum projects by the Total company to establish supply stations and car services and to market petroleum products.

Moreover, the petroleum minister said the French company Elf Aquitaine succeeded along with international petroleum companies in obtaining a concession to drill for petroleum in deep water, west of Mediterranean at a depth between 1,500 and 3,000 meters in an area amounting to 15,600 square km, where the French company is abided with the US Amoco company to expend a minimum of $310 million and dig 10 wells.

Moreover the minister confirmed that drilling in this region requires an advanced level of technology and great investments. The agreement is considered the first the French company is going to obtain after returning to Egypt.