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Petroleum Minister signs 3 agreements for gas, petroleum exploration in the Mediterranean The agreements will inject investments worth $220m into oil and natural gas exploration in the Mediterranean
Minister of Petroleum Tarek El-Molla signed on Wednesday three petroleum and natural gas exploration agreements with a number of European companies, including the Italian Egyptian Oil Company (EIOC)— a subsidiary of Eni, British Petroleum (BP), and French Total, according to a report issued by the ministry. The explorations are expected to be carried out with minimum investments of $220m in the Mediterranean in the offshore areas of North El Hammad, North El Tabya, and North Ras El Esh. In addition, about six new wells will be drilled according to the three agreements. The first agreement with BP and the EIOC would inject investments worth $75m in North Ras El Esh, where Eni has a share of 50% of the area managed mainly by BP. The second agreement with the BP, EIOC, and Total in North El Hammad would inject investments worth $80m, where Eni has a share of 37.5% of the area's management. The third agreement with BP in North El Tabya would inject investments worth $65m, according to the report. "Signing the three agreements is the result of a global bid launched by the Egyptian Natural Gas Holding Company (EGAS) for gas and petroleum exploration," said El-Molla The Ministry of Petroleum announced early in December that six offers made by four companies won the global bid for 2016 for petroleum and natural gas exploration in the areas of the Gulf of Suez and the Western desert.
