VOL. XXXV
NO. 23
9-MARCH-1992
Egypt
TPIC Acquires West Jabal al-Zeit Tract
Egyptian Oil Minister Hamdi al-Banbi and the Turkish Petroleum Corporation'saffiliate, Turkish Petroleum International Company (TPIC), have signed anagreement under which TPIC will acquire the 743-sq. km. West Gabal al-Zeit tractin Egypt's Eastern Desert. The company will spend $20.7mn on exploration anddrill six wells over seven years. The company will also pay a signature bonus of$0.5mn and production bonuses totaling...
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