Five Oil and Gas Exploration Agreements Signed

Five oil gas exploration agreements were signed Monday between Janoob el-Wadi oil holding company on one hand and International oil companies from the United States, Australia, Japan, Britain and India, on the other. Oil and gas exploration operations will be conducted in the Gulf of Suez and the Western Desert. According to the agreements, the international companies are to spend some US dollar 109.5 million. A total of 23 oil wells will be dug. Following the signing ceremony Minister of Petroleum Sameh Fahmi told reporters that the oil sector has so far signed a total of 38 agreements this year with British, Italian, American, Canadian, German, Croatian, Japanese, Indian, Panamanian, Greek, Swiss, Spanish, French, Malaysian and Kuwaiti companies. He pointed out that those companies are to spend about 1.4 billion dollars and are committed to dig some 149 wells.