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Minister of Petroleum Signs an Oil Exploration and Production Agreement in the South Valley
On 6/8/2008, Eng. Sameh Fahmi, Minister of Petroleum signed an oil exploration and production agreement between Ganoub Al Wadi Petroleum Holding Co. ( Ganope ) and the Syrian Anwar El Akad Sons Corp. " Oil United Company" , in the area of North East Esh El Malaha at the Eastern Desert. The agreement covers an area of 138 km², with spending commitment of $ 12 million and drilling 7 wells, in addition to a 100 km², 2D seismic survey and another 100 km², 3D seismic survey and signature bonus of $ 2 million.
Eng. Sherif Ismail, Chairman of Ganope Co. clarified that, since the company's establishment, five years ago, the number of exploration agreements, awarded to International companies reached about 10, covering an area of 232 thousand km², accounting for 35% of Ganope' s operation areas, with total spending commitment of about $ 282 million, as minimum. This is in addition to drilling 46 exploratory wells, resulted from the 4 international bid-rounds offered during 2003, up till 2006. However, a new bid-round was offered during 2008, which will add new agreements to the current 10 ones, as planned .
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