Egypt Signs Three Oil, Gas Deals

Egypt’s Petroleum Minister, Sherif Ismail signed three agreements for the General Petroleum Authority and the Egyptian Natural Gas Holding Company (EGAS) with total investment potential of $165 million, as per reports in local media.

According to Egypt’s State Information Service (SIS), agreements aim to prospect for petroleum and gas in the areas of Sinai, Gulf of Suez and the Mediterranean Sea.

The first agreement was signed between the General Petroleum Authority and Dana Petroleum, Keltec Petroleum and British Petroleum at investments worth $15 million, said the minister.

The second agreement was signed between the Egyptian Natural Gas Holding Company (EGAS) and Italy's IEOC.

The last agreement was an amendment to an agreement of the general petroleum company to extend the contract in the Gulf of Suez for 15 years, he added.

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