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Egypt, BP ink $46m oil exploration deal

Egypt, BP ink $46m oil exploration deal
The deal also included a $4 million signing bonus to drill three wells

Cairo – Mubasher: The Egyptian General Petroleum Corporation (EGPC) and the London-based BP Plc have signed a $46 million agreement for oil and gas exploration and production at the Eastern Ramadan area in the Gulf of Suez.

The deal also included a $4 million signing bonus to drill three wells, according to a press release.

The deal was signed by the EGPC’s CEO Abed Ezz El Regal and chairman of BP Egypt Hesham Mekkawy.

Petroleum minister Tarek El Molla said that this agreement is a fruit of the international tender launched by the EGPC since 2016 for oil and gas exploration.