Egyptian Petroleum Minister Inks 3 New Exploration Agreements with US$717 mln

Eng. Sherif Ismail, Egyptian Petroleum and Mineral resources Minister, Hisham Makawi, president of British Petroleum of Egypt Company and the Chairman of Sea Dragon Canadian Company have signed 3 new petroleum agreements including Egyptian Natural Gas Holding Company (EGAS),  British Petroleum BP and Sea Dragon in order to explore natural gas and cruel oil in Mediterranean and the Nile Delta.

Dr. Sherif Sousa, First Under Secretary for Gas Affairs at the Ministry of Petroleum and the Egyptian Natural Gas Holding Company (EGAS) Chairman Khaled Abdel Badie have attended the signing.

The total investments of the 3 agreements reached up US$717 million at minimum and US$34 million grant signing, To drill seven wells during the period of exploration with total area of more than 11 K Km3 and agreements will reflect the interest of BP as a major international oil companies expanding their investments in Egypt and establishing  new projects in partnership with the oil sector, opening horizons towards the development Sea Dragon Canadian investments as well as increasing the numbers of concession areas to strengthen its presence in Egypt during the upcoming period.