Three New Oil Agreements Signed with Dana Gas, Petroceltic and Edison, Calling for Total Spending of $265 Million

摘要

On the occasion of the signing of three new exploration and production-sharing agreements (EPSAs) - the stage at which new agreements come into effect - the Oil Minister, Mr. Sherif Ismail, indicated that the current government had ratified 26 oil agreements since September. Those agreements call for minimum spending of $1.1 billion, the drilling of 119 wells and the payment of signature bonuses totaling $160.7 million. Mr. Ismail pointed out that the oil sector was achieving its objectives of increasing oil and gas reserves and production through the organization of exploration bid rounds and the conclusion of new agreements with companies, which was how investments were attracted into this sector. Furthermore, said the Minister, the diversity of companies granted new exploration licenses reflected the attractiveness of Egypt in general and its oil sector in general for foreign investors.