Egypt signed three investment agreements worth more than $121 million for oil and gas exploration in the Western desert, Suez Gulf and north of Sinai, the Egyptian petroleum ministry said on Sunday.

The deals were with Parenco Egypt, Dubai-based Dragon Oil and Apache, for about $46 million, $40.5 million and $35 million respectively.

The first deal aims to re-award the North Sinai offshore area to Parenco Egypt, with investments to drill three wells. Parenco Egypt is a subsidiary of Egypt Kuwait Holding company (EKH).

The Dragon Oil deal is also for three wells while Apache’s agreement for the Western Dessert will include five new exploration areas, drilling 14 wells.
Source: Reuters