Egypt signs $2.3 billion oil, gas deals

Uchenna Izundu
OGJ International Editor

LONDON, Aug. 20 -- Egypt agreed to oil and gas exploration deals worth $2.3 billion covering the Eastern Desert, the Nile Delta, the Gulf of Suez, and northern Sinai.

BP PLC finalized gas prices and commercial terms with the oil ministry for development of gas fields in the East Nile Delta and in the Gulf of Suez and expects to commit $2 billion to bringing them on stream. East Nile Delta covers the Ras El-Barr and Temsah concessions and the Gulf of Suez relates to the extension of two concessions in South Ghara and South Belayim.

BP and its partner, International Egypt Oil Co., a unit of Eni SPA, will spend $1.1 billion on the Ras el Bar concession. Both will spend $900 million for Temsah. The parties have agreed a $200 million deal for South Ghara in the Gulf of Suez, and BP alone has signed a $60 million agreement on South Belayim, also in the Gulf of Suez.

Separately, Tharwa Petroleum cinched a new exploration deal covering 43 sq km of acreage in the Eastern Desert together with Ganoub el-Wadi Petroleum Holding Co. and worth $17.5 million, according to Reuters.

Contact Uchenna Izundu at uchennai@pennwell.com.

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