Egypt has signed six new agreements for oil and gas exploration onshore and offshore, both with domestic and international operators.

The country’s Energy Ministry has said that, on Friday, January 9, 2015, Eng. Sherif Ismail, Minister of Petroleum and Mineral Resources, signed the agreements with the Dutch company Shell and the Italian IEOC, the British BP and Canada’s TransGlobe, along with Tharwa & General Petroleum Company, the state owned companies.

According to the Ministry of Petroleum’s statement, the companies will explore in the regions of Western Desert and the Gulf of Suez and drill 41 wells with a minimum investment of about $5.2 billion and a signature bonus of $124 million.

The Minister of Petroleum pointed out that these agreements are only the beginning, as the country plans to sign 14 more similar deals “over the coming period.”

The Ministry of Petroleum noted that the Petroleum Sector had already signed 36 petroleum agreements between November 2013 and the end of October 2014 with minimum investments of about 2 billion dollars.

Source: www.offshoreenergytoday.com

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