Egypt’s petroleum ministry announced that the country completed three investment agreements worth over $121 million to explore for oil and gas in the Western Desert, the Gulf of Suez, and North Sinai.
Parenco Egypt, Dubai-based Dragon Oil, and Apache will invest about $46 million, $40.5 million, and $35 million, respectively, under the deals.
Parenco Egypt will take back the North Sinai offshore block and drill three wells. The company is a subsidiary of Egypt Kuwait Holding.
Dragon Oil will drill three wells, while Apache will expand in the Western Desert with five new exploration areas and 14 wells.
source: www.reuters.com
African Energy Council