Egypt gives nod to seven oil and gas agreements

oil egypt-nestor galina flickrThe Egyptian Cabinet has approved seven new oil and gas exploration agreements, that is expected to bring an investment of atleast US$1.2bn

The North African country had awarded the contracts for eight oil and gas projects, both onshore and offshore, in April this year.

Sherif Ismail, Egypt’s oil minister, said, “The deals are with firms including BP, Dana Gas, Petroceltic International and Sea Dragon Energy.”

The agreements will soon be sent for ratification to Interim President Adli Mansour, a statement from the Oil Ministry added.

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