The Egyptian General Petroleum Corporation (EGPC) signed a USD 46 mn agreement with BP yesterday for oil and gas exploration the in Gulf of Suez, according to a statement picked up by Ahram Gate.
The agreement also includes a USD 4 mn to cover the cost of drilling three wells. The Oil Ministry said it is currently finalizing procedures for 13 other agreements that will be announced soon.
The new agreement comes as the government steps up exploration activities in FY2018-19 as Egypt marches toward natural gas self-sufficiency and bids to become a regional energy export hub.
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