Egypt signs oil and gas deal with Germany’s Wintershall Dea

Egyptian Oil Minister Tarek el-Molla has signed on Monday a new oil and gas exploration and production deal worth at least $43 million in total with Germany’s Wintershall Dea.

The deals include drilling for eight wells and a signing bonus of $11 million, the ministry said in a statement, and are the result of a tender called by Egyptian state gas board EGAS. They are all in exploration blocks in the eastern region of Damanhour City, northwest of Cairo.