The Egyptian General Petroleum Corporation (EGPC) and BP have signed a $46 million oil and gas exploration and production (E&P) deal for the Eastern Ramadan area in the Gulf of Suez, Mubasher reported.

A $4 million signing bonus to drill three wells was also included in the deal, a press release stated.

Petroleum minister Tarek El Molla said that the deal was a result of the international E&P tender launched in 2016 by EGPC.