Under the agreement, Occidental will own 100% of the block in the exploration phase and invest around $244 million, meanwhile ADNOC will be able to hold 60% stake in the production phase of the concession.
International Oil Companies (IOCs) plans to pump investments of around $10 billion on exploration and production (E&P) activities during the next fiscal year (FY) 2019/20.
The Omani Ministry of Oil and Gas has signed two new exploration and production sharing agreements (ESPA) worth $65 billion to explore and develop the onshore concession blocks 51 and 65.
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.
Oil minister Tarek El Molla has signed two oil and gas exploration and production (E&P) agreements in the Sinai and the Suez Gulf with investments of $65 million and $3.5 million signature grant.
Oil minister Tarek El Molla has signed three new exploration contracts to drill 15 wells in the Mediterranean and the Western Desert with an investment budget of $139.2 million and a $55 million signing grant.
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.
Petroleum minister Tarek El Molla discussed Toyota's contribution to the Suez refining and petrochemical complex and the Assiut mazut refinery with the Japanese ambassador to Cairo, Takehiro Kagawa.
