Egypt approves USD105 million exploration agreement with Eni and Tharwa in the Mediterranean
13 May 2018
Egypt has approved a USD105 million exploration agreement with Italy’s Eni and the Egyptian Tharwa company to search in the Mediterranean for oil and gas off the coast of northern Sinai, Tarek al-Molla, Egypt’s oil and gas minister, said in a cabinet statement.
Under the agreement, Eni and Tharwa are set to drill two wells over two stages in the coming six years, which involves drilling one well in the first stage and another in the second.
Source: Egypt Independent