EGPC seals oil exploration deals worth $79m
Petroleum Minister Tareq el Molla
Cairo - Mena
The Egyptian General Petroleum Corporation (EGPC) has sealed three deals with Merlon International and Apache Corporation to explore for oil and gas in Egypt's western desert.
Petroleum Minister Tareq el Molla signed the three agreements worth a minimum of 79 million dollars.
Grants worth 41 million dollars should also be provided to drill 17 new exploration wells, Molla said.
Two of the agreements signed with Apache entail that the company invest some 61 million dollars to explore for oil in the northwestern Razzak concession area, and another 12 million dollars to explore for oil in southern Alam el Shawish concession area, both in the western desert, a statement by the Petroleum Ministry said Saturday.
Under its six-million-dollar deal with the EGPC, Merlon should explore for oil in Fayyoum concession area in the western desert, the statement added.
Source: Mena
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