Egypt signs exploration deals with BP, INA and RWE
Egypt signed three new gas and petroleum exploration deals worth a total of at least $ 91.5 mm to drill 12 new wells,
the Egyptian oil ministry said.
Two petroleum exploration and exploitation agreements were with British oil major BP. One is in a 12,500 sq km area
in the north of the Red Sea, with commitments to spend at least $ 59 mm. BP will dig two new exploratory wells.
BP's second deal was for a 545 sq km area in the Gulf of Suez, with commitments for at least $ 16.5 mm investment and
to build three additional wells.
The third agreement was for petrol and gas exploration in the Western Desert with Croatian state oil concern INA and
German energy giant RWE for 1,358 sq km with commitments for outlay of $ 16 mm and 7 extra wells.
Oil exports are one of Egypt's main foreign currency receipts along with tourism, Suez Canal revenues and remittances
from Egyptians living abroad.
Egypt has proven gas reserves of 62 tcf and, alongside a gas export pipeline to Jordan that opened in July last year,
international firms are building two LNG plants for export on the Mediterranean coast.
