Oil Minister Signs Three New Exploration Agreements and Amendments to Two Others

摘要

In one of the last stages of the process for awarding new exploration licenses in Egypt,the Oil Minister,Mr.Sameh Fahmy,has signed five oil agreements,three of which assign new exploration tracts and two are amendments to existing agreements.These agreements were approved by Parliament in January (AOG,1 Feb.,2007).The tracts cover a total area of about 9,000 sq km and the agreements call for total minimum spending of 158 million,including on the drilling of 23 wells,as well as the payment of signature bonuses (SBs) totaling 24 million.