Egyp­tian Oil Min­is­ter Tarek El Molla has signed three off­shore oil and gas ex­plo­ration and pro­duc­tion deals worth a to­tal of at least $220 mil­lion with France's To­tal, Bri­tain's BP, and Ital­ian oil ma­jor ENI's Egyp­tian sub­sidiary IEOC, said the min­istry o

Qatar Today - - BUSINESS > OIL & GAS -

The first deal, with a con­sor­tium of BP and IEOC, is worth $75 mil­lion for an ex­plo­ration block in the North Ras El Esh block; the sec­ond, with a con­sor­tium of all three com­pa­nies, is in the North El Ham­mad block and is worth $80 mil­lion, and the third, with BP alone, is in the North Tabia block and worth $65 mil­lion. Egypt has gone from ex­port­ing en­ergy to be­ing a net im­porter as do­mes­tic out­put has failed to keep pace with ris­ing de­mand. Saudi Ara­bia in­formed Egypt last month that ship­ments of oil prod­ucts ex­pected un­der a $23 bil­lion aid deal had been halted in­def­i­nitely.

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