Egypt’s oil minister, Tarek El Molla, has signed a $10 million exploration and production (E&P) agreement covering the Western Desert’s Abu Sennan concession, Egypt Oil & Gas reports.
The agreement was signed with Rockhopper, Kuwait Energy and Canada’s Dover Corporation. It includes a $2 million signing bonus for drilling four wells in the concession.
El Molla stated during the signing of the agreement that the reforms in the oil and gas sector have begun to bear fruit in recent years. The country has signed a total of 63 E&P agreements since June 2014, with a total value of $15 billion.