Egypt signs oil and gas exploration deal with BP

Egypt’s state oil company EGPC has signed an oil and gas exploration deal worth around $46 million with Britain’s BP.

The deal includes drilling for three wells and a signing bonus of $4 million, the Oil Ministry said in a statement, and are the result of a tender called by Egyptian General Petroleum Corp (EGPC), Oil Minister Tarek el-Molla said.

They are all in exploration blocks in the northeast of Ramadan in the Gulf of Suez.

EGPC’s chairman Abed Ezz El Regal signed the agreement with BP regional chief executive Hisham Mikkawi in Cairo.