EGPC Signs 3 E&P Agreements with a Combined Value of $50M

EGPC Signs 3 E&P Agreements with a Combined Value of $50M

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).

Sarah Samir 2536 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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