BP Egypt also signed for the West Morgan block in the Gulf of Suez with exploration obligations for $7 million and a $250,000 signature bonus. The firm committed to drill two wells within four years.
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BP Sub To Develop New Fields
British Petroleum subsidiary BP Egypt signed two new concession agreements for oil exploration and production
British Petroleum subsidiary BP Egypt said on Monday it had signed two new concession agreements for oil exploration and production of the North Shadwan block in the Gulf of Suez in Egypt.
The first deal will cost $20 million, and requires a seismic survey and four wells drilled in nine years, with a payment of $1 million as a signature bonus.
BP Egypt also signed for the West Morgan block in the Gulf of Suez with exploration obligations for $7 million and a $250,000 signature bonus. The firm committed to drill two wells within four years.
BP Egypt also signed for the West Morgan block in the Gulf of Suez with exploration obligations for $7 million and a $250,000 signature bonus. The firm committed to drill two wells within four years.
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