The Egyptian General Petroleum Corporation (EGPC) signed a $9 million agreement with Apache on July 18 to drill seven oil wells in the East Bahariya concession in the Western Desert with a signature grant of $30 million, Egypt Oil & Gas reports.
The agreement was signed by EGPC CEO, Abed Ezz El Regal, and Apache Egypt Regional Vice President and General Manager David Chi, in the attendance of Egypt’s oil minister Tarek El Molla.
The oil ministry is in the process of finalizing another 14 agreements, El Molla said in a statement.
The ministry has completed 87 deals since 2014, the ministry said in a press release.
During the signing, El Molla said that these agreements will help Egypt to attract further foreign investments into the country’s oil and gas sector.