French company drills for petroleum in Egypt

Egyptian Minister of Petroleum Hamdi El-Banbi signed yesterday a new agreement with the Amoco and Elf Aquitaine to explore for petroleum in the Mediterranean Sea in an area covering 15,600 square kilometers. The two companies agree to spend a minimum of $310 million on the exploration operations and to dig 10 new exploratory wells for which modern technology will be used due to the drilling area's location in deep water.