The Ministry of Petroleum and Mineral Resources signed four agreements for oil and natural gas exploration and production (E&P) operations in the Western Desert, Gulf of Suez, and Nile Valley with minimum investment costs of $155 million, in addition to a signature bonus for drilling 30 wells estimated with $10.5 million, according to Al-Ahram.
The agreement was signed in attendance of First Undersecretary for Agreements and Exploration at the Ministry of Petroleum and Mineral Resources, Ashraf Farag; CEO of the Egyptian General Petroleum Corporation (EGPC), Abed Ezz El Regal; and Ganoub El Wadi Petroleum Holding Company’s (Ganope) Head, Mohamed Abdel Azim.
The first agreement is with the EGPC and Eni’s IEOC for E&P in the Southeast of Siwa in the Western Desert with investments that cost $17 million and a signature bonus of $1.2 million.
Another agreement was also signed EGPC and IEOC for E&P developments in the West Razak concession in the Western Desert estimated by $34 million and a signature bonus of $5 million.
The third agreement is worth $36 million which signed with EGPC and Merlon Elfayum for E&P in North Beni Suef concession, in addition to a signature bonus of $2.3 million.
The fourth one was inked by EGPC for E&P operations in East Ras El Ush concession in the Gulf of Suez with investments worth $68 million and a signature bonus of $2 million.
During the signature ceremony, Tarek El Molla, Minister of Petroleum, said that the total agreements signed by the ministry with the partnership of investors since 2013 reached 103 agreements.
He pointed out that there are four other agreements to be signed, in addition to another nine agreements approved by the parliament and their special laws, which are being issued.