São Paulo – Egypt will see US$ 265 million in oil industry investment. According to information released this Thursday (13th) by the country’s official news agency, Mena, an agreement signed between the state-owned National Natural Gas Holding Company (Egas) and three foreign companies provides for oil and gas well exploration.
According to Mena, the deal was signed by Oil minister Sherif Ismail. The companies Dana Gas, from the United Arab Emirates, Edison, from Italy, and Petroceltic, from Ireland, will drill eight wells in the Mediterranean, the Nile Delta and the Gulf of Suez. In addition to the sum invested, they will pay a US$ 32.2 million bonus.
In January, Egypt’s interim government had signed other oil and gas exploration agreements. Another eight wells will see US$ 2.1 billion in investment.
*Translated by Gabriel Pomerancblum
