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Egypt Today
Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla signed four new oil exploration and production agreements in the Western Desert, the Gulf of Suez and the Nile Valley, with minimum investments of US$155 million and signature bonuses of about $10.5 million.
The agreements, which were signed on Wednesday, include drilling 30 oil wells.
Molla said that the signing of these agreements takes the number of agreements by with investors and other partners since June 30, 2013 to 103 agreements.
Four other agreements will be signed later, the Minister said, in addition to nine new agreements that have been approved by the House of Representatives.
The first agreement is in the southeastern Siwa concession area in the Western Desert with the Egyptian General Petroleum Corporation (EGPC) and the IEOC company, with a minimum investment of about $17 million and a signature bonus of about $1.2 million to drill four new oil wells.
The second agreement is in the West Razak Development Concession Area in the Western Desert with the EGPC and the IEOC company, with a minimum investment of approximately $34 million, and a signature bonus of five million dollars to drill 13 new oil wells.
The third agreement is in the North Beni Suef concession area of the Nile Valley region with the EGPC and Merlon Petroleum Al-Fayoum Company, with a minimum investment of about $36 million and a signature bonus of $2.3 million to drill eight new oil wells.
The fourth agreement in the concession area southeast of Ras Al-Ush in the Gulf of Suez between the Ganoub Al-Wadi Petroleum Holding Company and the Pacific Oil Limited and ZNP companies, with a minimum investment of about $68 million and a signature bonus of two million dollars to drill five new oil wells.
Edited translation from Al-Masry Al-Youm.
