Apache and Tharwa Undertake to Spend $30 Million on Three Western Desert Tracts

摘要

The Oil Ministry announced on 20 August that Egyptian General Petroleum Corporation (EGPC) had signed three new oil agreements covering three blocks held jointly by Tharwa Petroleum, a joint-stock company controlled by state corporations and agencies, and Apache Corporation of the U.S. The three tracts, West Ghazalat, Sallum and Siwa, which are located in the western part of the Western Desert, were assigned to Tharwa in 2005. Apache farmed into them in 2007, acquiring 50% interests in each. Under the new agreements, the two partners have undertaken to invest $30 million in the three tracts, including on the drilling of 14 wells. The Oil Ministry nevertheless does not explain whether these are amendments to the original agreements or commitments regarding the second exploration period.The outlays are to be divided as follows between the three tracts:- $15 million and six wells at Siwa.- $7.5 million and four wells at West Ghazalat.- $7.5 million and four wells at Sallum.