EGPC signs 3 oil and gas exploration agreements worth USD 50 mn - ENTERPRISE / AL BORSA

Sunday, 10 December 2017

The EGPC has signed oil and gas exploration agreements with three international companies worth a combined USD 50 mn, an Oil Ministry official tells Al Borsa. These include a USD 20 mn oil and gas exploration agreement with our friends at Apex International in the West Badr El Din concession in the Western Desert, a USD 10 mn gas exploration agreement with Trident Petroleum for exploration in the Magawish block of the East Esh El Mallaha concession, and a USD 20 mn oil and gas exploration agreement with Apache-Khalda in the Alam El Shawish concession in the Western Desert.

Egypt signs $2.4 mln oil and gas deal with Trident Petroleum - AMWAL AL GHAD

Saturday, 11 November 2017 15:48

Mahmoud Shaaban

Egypt signed Saturday a new oil agreement with Trident Petroleum to explore oil and natural gas in the Gulf of Suez worth at least $2.4 billion worth at least $2.4 million.

The agreement was signed by Egypt’s Petroleum Minister Tarek el-Molla, Egyptian General Petroleum Corporation’s (EGPC) chairman Abed Ezz el-Regal and Trident’s president Ehab Awad.

The agreed investments included a signature bonus of $500,000 to drill four exploration wells in Magawish Block in the Gulf of Suez.

Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption. It is trying to speed up production at recent discoveries to fill its energy gap as soon as possible.