Egypt signs oil and gas deal with UK Neptune Energy

FeatureIndustry & TradeTech/AI
By Amwal Al Ghad English
oil and gas
Egyptian Petroleum Minister Tarek el-Molla (M) signing an oil and gas exploration deal with Jim House, CEO of Neptune Energy, and Abed Ezz El Regal, CEO of the Egyptian General Petroleum Corporation (EGPC) at the 2020 Egypt Petroleum Show (EGYPS) in Cairo on Wednesday, 12 February, 2020. (Photo: Egypt's Petroleum Ministry)

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.

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