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Thursday, 10 May 2018

The Ismail Cabinet approved a USD 105 mn exploration agreement with Eni

The Ismail Cabinet approved a USD 105 mn exploration agreement with Eni and the Egypt’s Tharwa to search for oil and gas in the Mediterranean off the coast of north Sinai, according to a cabinet statement. Under the agreement, Eni and Tharwa drill two wells over two stages in the coming six years, Oil Minister Tarek El Molla told reporters on Wednesday. Separately, Eni has reportedly begun drilling the second exploratory well in its South Meleiha concession in the Western Desert’s Faghur Basin, Youm7 reports. Eni had announced last week making an oil discovery from another well in the Faghur Basin, which is expected to deliver 2,300 bop/d of light oil.

Other actions and decisions taken by the cabinet at its weekly Wednesday meeting include:

  • Approving a USD 5.1 mn grant with USAID to help bolster trade.
  • Approving a EGP 30 mn funding agreement with the Kuwait Fund for Arab Economic Development for the second phase of the national archives.
  • Leasing out an agricultural waste recycling center in Kharga for a three-year period.

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