Egypt signs oil and gas deal with UK Neptune Energy

Egyptian Oil Minister Tarek el-Molla has on Wednesday signed a new oil and gas exploration and production deal worth at least $35 million with UK private-equity backed Neptune Energy.

The deal, signed during the energy conference EGYPS in Cairo, includes drilling for three wells and a signing bonus of $11 million. They are all in exploration blocks in the North West El Amal offshore concession in the Gulf of Suez.