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.