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Mehleb Witnesses Signing of 2 Petrol, Natural Gas Excavation Agreements

Source: Al Masry Al Youm 5/20/2014, Location: Africa

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Prime Minister witnessed protocols of signing two new agreements in field of excavating petrol and natural gas in Western desert and Suez gulf areas at investments estimated at US$63 million.

The first agreement was signed between the Egyptian General Petroleum Company and the US Apache Corporation to dig six wells at the Western desert at investments of $24 million and signing bonus of US$15 million. The second agreement was signed between South Valley holding company for petroleum and the British Dragon oil to dig three wells at the Sue gulf at investments of $39 million and signing bonus of $6 billion.

The new agreements raise the total number of agreements signed to 31 of excavation of petrol and natural gas since October 2013, at minimum rate of investment of around $2 billion and signing bonuses of $216 million. The minimum rate of wells dug has reached 135.

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