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3 Petroleum Agreements with Investments of $ 845 Million

Source: www.oilegypt.com 3/20/2008, Location: Africa

Eng. Sameh Fahmi, Minister of Petroleum, signed amendment of 3 petroleum agreements for the Egyptian General Petroleum Corporation ( EGPC ), with English, German and Dutch companies in the areas of North Alexandria, West Mediterranean ( Deep Water ) and Nile Delta, with expenditure commitments of $ 845 million, drilling 8 wells, and signature bonuses of $ 105 million.

The Minister pointed out that the amendment of petroleum agreements mainly aims at promoting new investments in exploration and production domains, committing with clear and specific work programs to enhance production and reserves rates, renewal and maintenance of infrastructure, as well as availability of more production to satisfy the growing demand of local market.

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