Egypt signs $208m Western Desert oil, gas agreement

Egyptian General Petroleum Corporation (EGPC) signed on Tuesday a new agreement with Cheiron Petroleum Corporation and Capricorn Energy PLC for the merged Badr El Din concession in Egypt’s Western Desert. The agreement includes minimum investments of $208 million to expand exploration, development, and production activities.

Under the agreement, eight areas in the Western Desert operated by Badr El Din Petroleum Company, the joint venture between EGPC, Cheiron, and Capricorn, will be merged alongside the addition of new exploration areas.

Moreover, the agreement aims to support increasing oil and gas production and adding new reserves through a five-year work programme that includes drilling 44 production and exploration wells in the area.

Attribution: Amwal Al Ghad English