01/17/2017 | News release | Distributed by Public on 01/22/2017 06:48
On 17thJanuary 2017, Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources signed 2 new petroleum agreements for the Egyptian General Petroleum Corporation (EGPC) and Sahara Oil Company for oil and gas exploration and production in Western Desert and The Gulf of Suez areas.
Eng. Tarek El Hadidi, Chief Executive Officer of EGPC and Eng. Ali Mira, General Manager of Sahara Oil, signed the agreement with the Petroleum Minister.
The first agreement is signed between EGPC and Sahara Oil at west Qarun concession area in the Western Desert, with minimum investments of about $30 million, $5 million signature bonus and drilling 11 wells. The second agreement is for EGPC at the offshore Shukheir concession area in the Gulf of Suez. Offshore Shukheir Oil Company (OSOCO) operates in the area on behalf of EGPC.