Cairo – Mubasher: The Egyptian minister of petroleum and mineral resources Tarek El-Molla signed two new oil and gas exploration and production agreements in the Mediterranean Sea with the Egyptian Natural Gas Holding Company (EGAS) and ExxonMobil.
The two deals include the drilling of seven wells with minimum investments of $332 million and signature bonuses of $17 billion, according to a statement on Tuesday.
Under the first agreement, four wells are planned to be drilled in North East El Amreya offshore block with minimum investments of $220 million and a signature bonus of $10 million.
In addition, the second deal includes the drilling of three wells in North Marakia offshore block with minimum investments of $112 million and a signature bonus of $7 million.
Accordingly, the total number of agreements signed by the Ministry of Petroleum with investors and partners has increased to 82 with minimum investments of $16 billion for the drilling of 340 wells since July 2014.
