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...