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The Minister of Petroleum has signed 5 new petroleum agreements for the Egyptian General Petroleum Corporation (EGPC), in the areas of the Gulf of Suez, Eastern and Western Deserts with several nationalities; American, Canadian, British, Greek and Egyptian ones, with total exploration areas of about 9950 km˛ and spending commitments of about $ 96 million as well as drilling commitment of 27 wells and total signature bonuses of $ 8.5 million.
After signing the agreements, petroleum companies Chairmen asserted that good oil potentials in Egypt, in addition to the confidence, stability, and transparency in dealings that contribute greatly to encouraging them to act in the domains of oil and gas upstream activities in Egypt.
The success of the oil companies operating in Egypt was the driving force to invest this atmosphere in Egypt in light of the presence of attractive investment opportunities achieving a mutual benefit for both sides.
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