Cairo – Mubasher: Egypt signed two oil and gas exploration contracts worth $4.3 million with two foreign companies, said oil ministry.
The deals were signed by the South Valley Holding Company for Petroleum (Ganope) with Improved Petroleum Recovery (IPR) Group of Companies and Mediterra Energy Corporation (Mediterra) for drilling 3 discovery wells.in Barka area at upper Egypt.
Egypt has been struggling with soaring energy bills caused by the high subsidies it provides on fuel for its population of 87 million. The subsidies have turned the country from a net energy exporter into a net importer over the last few years.
