Foreign oil firms ink deals in Egypt

BP+Logo23 December 2013, News Wires –  Seven new oil and gas exploration agreements have been approved by Egypt’s cabinet, according to a media report.

Oil minister Sherif Ismail  made the announcement about the deals, which are designed to bring investment of at least $1.2 billion to the sector, on Sunday.

Details of the deals have not been disclosed but are said to involve UK supermajor BP, Abu Dhabi-based Dana Gas, Irish explorer Petroceltic International and Canada’s Sea Dragon Energy, Reuters said.

The agreements will now be sent for ratification to Interim President Adli Mansour, the oil ministry said in a statement.

– Upstream

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