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Egypt Signs 4 Oil, Metals Exploration Deals Worth $34.5 Million

Date : 08/20/2009 @ 10:22AM
Source : Dow Jones News
Stock : Apache Corp. (APA)
Quote : 81.3  0.41 (0.51%) @ 8:00PM
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Egypt Signs 4 Oil, Metals Exploration Deals Worth $34.5 Million

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Egypt has signed four deals for petroleum and metals exploration worth a total of $34.5 million, the Oil Ministry said Thursday.

The first deal, worth $15 million, involves digging six wells in Siwa in the Western desert.

It is a joint project between the Egyptian General Authority For Petroleum, Egyptian Company Thurwa and gas company Apache Corp. (APA), the ministry said in a statement.

The second deal, worth $7.5 million, involves digging four wells in the western desert. It is a joint project between the Thurwa and Apache, the ministry added. The third deal, worth $7.5 million, involves drilling six wells in al-Sallum area, in the Western desert. It is a joint project between Thurwa and Apache.

The last deal, worth $4.5 million, involves searching for gold in the Eastern desert. It is a joint project between the Authority of Material Wealth and a Cypriot company.

-By Shereen El Gazzar, contributing to Dow Jones Newswires, +201 2429 8286, Shereen.elgazzar@gmail.com

 
 


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