Egypt gives green light to exploration deals

CAIRO, August 10, 2016 – Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla said on Wednesday that the government had signed off on five exploration agreements with international companies.

Awaiting the final go-ahead from the country’s parliament, the deal packages include four agreements on gas exploration and drilling between Egyptian Natural Gas Holding Company on behalf of the state with BP, Edison, Eni and Total.

The fifth agreement was between Egypt General Petroleum Corporation and another Egyptian entity, and it concerned oil exploration and drilling.

The country is looking to increase its hydrocarbons output in the face of ballooning fuel costs for power generation. In separate comments on Wednesday, El Molla said Egypt’s monthly fuel bill is USD 450 million.

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