Cairo – Mubasher: The Egyptian petroleum ministry has signed an agreement with the US-based Apache Corporation to explore and produce gas and oil at eastern Bahariya in the Western Desert with around $9 million in investments, in addition to a signing bonus of $30 million to drill seven wells.
The agreement was signed by the chairman of Egyptian General Petroleum Corporation (EGPC) Abed Ezz El-Regal and the general manager of the American Gas and oil firm David Chi.
The signing of this agreement brings the number of oil and gas exploration deals signed since 2014 to 87, the ministry said in a statement.
Moreover, the petroleum ministry is currently working on issuing new 14 agreements, according to the statement.
The Egyptian oil sector will maintain signing new exploration, development, and production agreements, which will boost the North African country’s oil and gas reserves and production, petroleum minister Tarek El-Molla said.
These deals help to attract international investments into Egypt, El-Molla added, noting that there are many potential oil discoveries at several offshore and onshore areas.
