Arab Finance: The British companies Atin Petroleum and Terra Petroleum, the Emirati Dragon Oil, and Romanian CIS Gas won four areas for exploration and exploration for oil and natural gas within the global bidding launched by the Ministry of Petroleum last year, according to statement Issued by the Ministry’s Egypt Digital Exploration and Production Portal.
The four companies will have to invest at least $71 million, with a commitment to drill at least 14 wells.
The winning companies will explore for oil and gas in the four regions located in the Western Desert, the Eastern Desert and the Gulf of Suez under seven-year exploration contracts with the Egyptian General Petroleum Corporation.
The companies will be granted development contracts that can be extended for 20 years if they make a discovery.
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