Egypt, BP ink deal for drilling in Suez region
Date
7/31/2018 2:17:55 AM
(MENAFN) Egypt and British petroleum (BP) were reportedly unveiled to have inked a deal for drilling in the Gulf of Suez region.
CEO of the Egyptian General Petroleum Corporation Abed Ezz El-Regal was confirmed to have signed the deal with regional president of BP, North Africa Hesham Mekkawy.
Under the exploration agreement, three wells are to be dug in the North-East Ramadan in the Gulf of the Suez region with an investment of USD46 million and a grant of USD4 million.
It comes while the Ministry of Petroleum and Mineral Resources seeks to increase investment in Egypt's petroleum sector, minister Tarek El-Molla said.
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