Egypt Inks $44mn Oil, Gas Exploration Agreements with Apache and Tharwa

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Egypt’s Oil Minister Sherif Ismail singed two agreements Wednesday with Apache Corporation and Tharwa Oil worth $44 million for oil and gas exploration in the Western Sahara at West Kanayes and Siwa region.

The agreements also include a $25 million contract to drill 11 wells.

The first agreement with Apache Corporation in West Kanayes region is worth $28 million and will include 7 wells and signing grant worth $15 million.

The second agreement with Apache and Tharwa in Sewa region is worth $16 million and a signing grant of $10 million and drilling 4 wells.

Ismail stated that the signing of the agreements reflects international company’s interest in pumping new investments in Egypt and intensifying its work in research and exploration in light of the promising opportunities for the petroleum area in Egypt.

The number of agreement signed since October 2013 rose to 35 new search and exploration agreements for oil and gas with major oil companies with investments worth $2 billion and signing grants worth $242 million to drill 149 well.