El Molla Signs Nine E&P Agreements Worth $452 M
EJYPTE OIL AND GAS,Monday, 20th January 2020
e Minister of Petroleum and Mineral Resources, Tarek El Molla, signed nine agreements for exploration and production (E&P) activities in the Mediterranean and the Western Desert with investments worth $452.3 million as well as a signature bonus for drilling 38 wells with $84 million, according to a press release.
The first agreement is signed between the Egyptian General Petroleum Corporation (EGPC) and Shell for the E&P activities in East Horus, the Western Desert with investments estimated at $24.5 million as well as a signature bonus estimated at $23 million.
The second one is also between EGPC and Shell for the E&P in Abu Sennan at a cost of $7.8 million and a signature bonus worth $1 million.
The next agreement between EGPC and Shell is for the E&P in West Fayoum with investments worth $24.7 million and a signature bonus estimated by $27 million.
The fourth one singed between EGPC and Shell is for the E&P in Badr 2 and Badr 17 with investments reaching to $60 million and a signature bonus worth $10 million.
Another agreement was inked between EGPC and Apache for the E&P in the West Kanayes, with a cost of $5.5 million, in addition to a signature bonus at a cost of $4 million.
The sixth agreement was also conducted between EGPC and Apache for E&P operations in West Kalabsha with investments worth $20.8 million and a signature bonus worth $6 million.