Banbi Signs New Oil Agreements; Promises Flexible Terms for High-RiskExploration
On 28 January Egyptian Oil Minister Hamdi al-Banbi signed four oil and gasexploration and production sharing concession agreements with the ENI/Agipsubsidary IEOC, Amoco and Phillips for four tracts in Egypt's Mediterraneanoffshore. Two agreements are with IEOC for the Timsah and Baltim tracts. Theformer has an area of 2,000 sq. kms. where the company is required to spend$40mn on...