Petroleum Signs $ 22.5 mln Agreement for exploration in Suez Gulf

Egypt’s Minister of Petroleum & Minerals, Eng. Sherif Ismail has signed new petroleum agreement for the Egyptian General Petroleum Corporation (EGPC) with German Utility Company RWE and Dove Energy Group in order to look into petroleum and gas in Ras Badran Petroleum – Gulf of Suez, Egypt on an area of 45.6 kilometer with $22.5 million investments as minimum and $3.5 million signing bonus to drill three exploratory wells.

This agreement comes in continuing the sign of 21 petroleum agreements with the global firms so as to search for petrol and gas since 2010, aiming to give strong push to work in research and exploration field.

With the signing of the new agreement the petroleum sector finalized until now the signing of 18 agreements with around $673 million investments at minimum and to grant $119.5 million signing to drill 103 exploratory wells.