Egypt's Minister of Petroleum Sameh Fahmy said that the oil sector must attract multi-national companies to prospect for oil. The minister made these remarks after the signing ceremony of two agreements for gas and oil prospect in Upper Egypt.
"Greater attention must be paid to the southern half of the country area with a view to create jobs, raise living standards, and supply the nation's future demands for energy," Fahmy was quoted as saying.
Under the terms of the first agreement, oil and gas prospecting will be undertaken in a 22,894 square kilometer area near Kom Ombo. In addition to an initial grant of $100,000, the second party of the agreement must invest $15 million over the next eight years.
The second agreement concerns the drilling of four wells in a 30,028 square kilometer area near Al-Nakra. The second party will be obliged to invest $11 million in the project until 2012. (menareport.com)
© 2004 Mena Report (www.menareport.com)
