Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, has signed 3 new agreements to explore for Petroleum and Gas in the Egyptian Western Desert between the EGPC and the U.S. companies Apache Corporation and Merlon International, with investments of about USD 79 M, USD 41 M signature bonuses and drilling 17 exploratory wells.
The agreements were signed by the Minister and Eng. Abed Ezz El Regal, CEO of the EGPC and David Chi, Vice President and General Manager of Apache Egypt as well as Geologist Maged Abd El Halim.
The first two agreements were signed with Apache Corporation in North West Razak concession area in the Western Desert, with investments of about USD 61 M and South Alam El Shawish concession area in the Western Desert with investments of about USD 12 M. The third agreement was signed with Merlon International in Fayoum concession area, with investments of about USD 6 M.