The Ministry of Petroleum signed three new agreements for oil and natural gas exploration in the northern Sinai Peninsula and the Gulf of Suez on July 11, Egypt Oil & Gas reports.
The first $6 million agreement is between South Valley Egyptian Petroleum Holding Company (Ganope) and Britain’s GHP corporation to dig six new wells in the Gebel El Zeit concession at the cost of $6 million.
The Egyptian General Petroleum Corporation (EGPC) signed the second deal to explore oil in the Ras Fanar concession in the Gulf of Suez.
The third deal is between EGPC and the Anglo-French Perenco oil company for exploring in the North Sinai maritime concession.
The oil ministry is currently finalizing 18 new agreements, oil minister Tarek El Molla said, adding that the company has signed 83 agreements since November 2013.