Oil agreements worth $63 million signed
YOUM7 (Archive)
By THE CAIRO POST

CAIRO: A number of petroleum companies signed two agreements for oil drilling and exploration in the Western Desert region and the Gulf of Suez region, worth $63 million in net investments, Monday, according to a statement on the Cabinet’s official website.

The first agreement, worth $24 million, was signed between the Egyptian General Petroleum Corporation and Apache Corporation, a U.S. company. The deal involves drilling six new wells in the Western Desert’s West Kalabsha region.

The second deal, worth $39 million, was signed between Ganub Al Wadi Holding Petroleum Company and the English Company Dragon Oil. It involves drilling three wells and performing a seismic survey for the Gabal al-Zait region in the Gulf of Suez.

Egyptian Prime Minister, Ibrahim Mahlab and Minister of Petroleum Sherif Ismail attended the signing conference, according to the statement.

Following the January 25 Revolution, Egypt has been suffering from a severe shortage in petroleum products, badly affecting the country’s energy and electricity supply.

The Minister of Petroleum said Egypt consumes 100,000 tons of gas, 50,000 tons of diesel, and 18,000 tons of gasoline daily, Al-Dostor newspaper reported.

The petroleum sector has seen the singing of 31 agreements to search for oil and natural gas since October 2013.

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