The Egyptian General Petroleum Corporation (EGPC) has signed three new agreements with international companies to explore for oil and gas in the Western Desert, Gulf of Suez, and North Sinai regions.
The first agreement was signed with Berenco Egypt to drill three wells in the North Sinai offshore area with investments of $46 million and a $1 million signature bonus.
The second agreement was signed with UAE Dragon Oil to drill three wells at East El-Hamd area in the Gulf of Suez, with $40.5 million investments and a $4.5 million signature bonus.
While the third one was signed with US Apache for exploration and development to add five new blocks that involve drilling 14 wells in the Western Desert with $35 million investments and a $25 million signature bonus,
Commenting on the signing ceremonies, Karim Badawi, Minister of Petroleum and Mineral Resources, noted that the deals reflect the growing confidence of international companies in Egypt’s energy sector.
