The Egyptian General Petroleum Corporation (EGPC) signed three oil and gas exploration and production (E&P) agreements worth $50 million, Al Borsa reports.
Trident Petroleum Company signed an agreement with EGPC to explore the East Eish El Malah and the Magaweesh Concession areas. The agreement is worth $10 million.
Apache’s Khalda Petroleum signed a $20 million agreement with EGPC for oil and gas exploration Alam Shaweesh Concession.
A third agreement—valued at $20 million—was signed by EGPC and Apex International for oil and gas exploration in the Gharb Al Deen Concession.
If commercial discoveries are made, EGPC and the partnering company will establish a joint venture to develop the find. Both EGPC and the partner company would each own a 50% stake in the joint venture.
Disagreements arising from the contracts will be settled in the Cairo Regional Centre for International Commercial Arbitration (CRCICA).