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Al-Molla ... deals will help increase output

Egypt signs exploration deals with US and Cyprus firms

CAIRO, July 26, 2016

Egypt's minister of petroleum and mineral resources signed two agreements for oil and gas exploration in upper Egypt with US company IPR and Cyprus subsidiary Mediterra, the ministry said in a statement.
 
The agreements include the drilling of three exploration wells located in sectors 7 and 8 in the country's southern Al-Baraka field in Aswan, investments worth a minimum $4.3 million and a one-off fee for the licence called a signature bonus, totalling $200,000.
 
The contracts were signed between Egypt's Ganoub El-Wadi Petroleum Holding Company (GANOPE), IPR and Mediterra.
 
Minister of Petroleum Tarek Al-Molla said the deals will help increase oil production to meet local needs.
 
Al-Molla added that the new agreements will intensify research activities in the southern area of the country which has promising petroleum prospects. Reuters
 



Tags: Egypt | Deals | exploration |

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