The Minister of Petroleum and Mineral Resources, Tarek El Molla, signed two new exploration and production (E&P) agreements with ExxonMobil and the Egyptian Natural Gas Holding Company (EGAS), according to a press release.
The two agreements are worth $332 million, with a signature bonus of around $17 million to drill seven wells.
The signature was conducted between El Molla; EGAS Chairman, Osama El Bakly; and the East Mediterranean Exploration Manager at ExxonMobile, Don Bagley, in the presence of other petroleum leaders.
