Gulf Oil and Gas accountACCOUNT

Trident Petroleum Signs Exploration Agreement Worth $4.5m

Source: www.gulfoilandgas.com 1/31/2016, Location: Africa

Eng. Tarek El-Molla, Minister of Petroleum and Mineral Resources, signed a new oil and gas exploration agreement in the Gulf of Suez, between Ganoub El Wadi Petroleum Holding Co and Egypt’s Trident Petroleum Company. The exploration agreement for Block 6 Northwest Seabird (Tair al-Bahr) concession in the Gulf of Suez, covering a 191 square kilometer area, specifies a minimum investment obligation of $4.5 million, the drilling of six exploratory wells and a signing bonus of $500,000.

Eng. El-Molla signed the agreement with Geol. Abu Bakr Ibrahim, Chairman of Ganope, and Geol. Ihab Awad, Chairman of Egyptian Company Trident Petroleum. The agreement is a result of the recent international bid round awards carried out by Ganope, El-Molla said, with the aim of increasing new investments and intensifying exploration activities to increase oil reserves and production in order to meet domestic market needs.

Eng. El-Molla said that the signing of new agreements despite the drop in global oil prices sends out a positive message that Egypt is still an attractive destination for investment in the oil and gas sector.

Eng. El-Molla added that the Gulf of Suez is still showing encouraging prospects for oil investment in the light of the latest developments in research, studies, modern techniques and technologies used in all sectors.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

Acquisitions and Divestitures News in Egypt >>

Ireland >>  1/23/2020 - Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration, development and production company, provides an update on the far...
Mexico >>  1/22/2020 - Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA (EMGS) on 4 June 2019, wherein the Company informed ...

Indonesia >>  1/21/2020 - Mubadala Petroleum announces that it has completed the farmout of a 20 percent participating interest in each of the Andaman I and South Andaman Gros...
Australia >>  1/20/2020 - The Board of Metgasco Ltd has executed a re-stated L14 Western Flank farm-out agreement with RCMA Australia Pty Ltd (“Jade”) and Vintage Energy Ltd. ...

Egypt >>  1/20/2020 - Petroleum Minister Tarek el Mulla signed nine agreements on oil and gas exploration in the Mediterranean and Western Desert with total investments of ...
United Kingdom >>  1/20/2020 - The Company is pleased to provide an update to the announcement of 4 November 2019, regarding the exclusivity agreement (the "Agreement") in respect o...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |

Oil & Gas Projects in Egypt >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.