Egypt’s EGAS signs $86 mln oil and gas deal with Italy’s Edison

Egypt Gas 06/01/2016 (Ahram Online – Egypt): Egypt’s Natural Gas Holding Company (EGAS) signed a new oil agreement on Thursday with Italy’s Edison to explore and produce oil and natural gas in the Mediterranean Sea worth more than US$86 million. The agreement was signed by Egypt’s Petroleum Minister Tarek El-Molla, EGAS Chairman Mohamed El Masry and Vice President for Edison’s E&P activities for Egypt and the Middle East Maurizio Coratella. The agreed investments included a signature bonus of $1.5 million to drill two exploration wells in North East Haby area in the Mediterranean Sea. El-Molla asserted that the ministry concluded all agreements reached through the latest international bid issued by EGAS. The minister affirmed that signing more oil exploration agreements would boost global investments in Egypt as EGAS is set to issue a new bid within 2017…–mln-oil-and-gas-deal-with-Italy.aspx




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