Egypt announces exploration deals

Egypt

CAIRO, September 26, 2016 – Egypt inked three exploration deals with a combined value of close to USD 600 million over the weekend, Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla said on Saturday.

The agreements were reached with BP, Eni subsidiary Italian Egyptian Oil Company (IEOC) and the Egyptian General Petroleum Corporation (EGPC) and cover work in the Nile Delta, El Temsah and Ras el Barr concession areas. The scope of the contracts includes the drilling of 12 wells in an effort to add more than 28.3 mcm (1 bcf) in natural gas production per day.

Signed by El Molla, EGPC chairman Tarek El Hadidi, BP Regional president of North Africa Hisham Mekkawy and IEOC head Adriano Mongini, the agreement for exploration in the Nile Delta is valued at USD 450 million. The agreements for the El Temsah and Ras el Barr concession areas, jointly operated by the mentioned companies through various entities, are valued at USD 85 million and USD 60 million, respectively.

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