Egypt's Minister of Petroleum Sameh Fahmy said Monday that major international oil companies will explore for oil and gas all over Egypt after 25 oil and gas agreements were concluded from February to June 2004. These deals cover an area of 170,000 sq. km.
Fahmy made these remarks in the People's Assembly Energy and Industry Committee which approved four new petroleum agreements.
According to Fahmy, under the terms of these agreements, foreign oil companies will invest a total $61 million in prospecting, as well as forward grants worth $4.1 million.
The price of natural gas should be agreed upon after discovery according to world prices, he added. (menareport.com)
© 2004 Mena Report (www.menareport.com)
