The Egyptian General Petroleum Corporation (EGPC) signed a $2.4 million exploration and production (E&P) agreement with Trident Petroleum Company for the drilling of four new wells in Magawish Block in the Gulf of Suez, Egypt Oil & Gas reports.
The agreement requires a minimum investment of $2.4 million and came with $500,000 signing bonus.
The Head of EGPC, Abed Ezz El Regal; the Chairman of Trident Petroleum, Ehab Awad; and the Minister of Petroleum and Mineral Resources, Tarek El Molla, signed the deal.
Egypt has finalized 83 E&P agreements since November 2013 with with total investments exceeding $15 billion. These agreements, along with the recent natural gas discoveries, are contributing ministry’s efforts to secure petroleum supplies for the local market, El Molla noted.