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Egypt, US firm ink Sahara oil exploration deal

CAIRO, September 11, 2014

Egypt has entered into two agreements worth $44 million with US-based Apache aimed at exploring oil in Western Sahara, a report said.

The contract also included $25 million in state grants, with 11 oil wells expected with be drilled by Apache, said the Zawya report, which cited the state news agency MENA.

A total of 35 exploration deals were signed since October 2013, Oil Minister Sharif Ismail was quoted as saying in the report.

The deals reflect $2 billion in investments and $242 million in grants for companies to drill 149 wells, Ismail added.

Tags: Egypt | Oil exploration | Apache |

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