Egypt Independent

Three agreements signed to excavate oil and natural gas with US$265 million investments



Petroleum Ministry signed on Tuesday three new agreements on excavating petrol and natural gas in maritime areas north and east of Egypt and Delta with United Arab Emirates’ Dana Gas, the Irish Petroceltic PLC and the Italian Edison.
 
Petrol Minister Sherif Ismail said the investments’ minimum rate reach US$265 million to dig eight wells and a signing bonus of $32.2 billion.
 
In a statement on Thursday, the minister said petroleum sector will resume offering international bids to increase production and reserve rates of crude oil and natural gas. He added that signing petrol agreements is a method to attract international investments to increase excavation work.
 
Egyptian Natural Gas Holding Company (EGAS), according to the statement, signed the first agreement with Edison at north of Theqa area in the Mediterranean at minimum investments of $170 million and signing bonus of $7.1 million to dig two wells. The second agreement was signed with Petroceltic PLC at south of Edko in Beheira at minimum investments of $23.5 million and signing bonus of $5.1million to dig three wells. The third agreement was signed with Dana Gas at North Arish city in the Mediterranean at minimum investments of $71.5 million and signing bonus of $20 million to dig three wells.
 
The three agreements makes the total number of agreements signed by petroleum sector 26 with minimum investments of around $1.1 billion and signing bonus of $160.1 million to dig 119 wells.
 
 
Edited translation from Al-Masry Al-Youm