Banbi Signs Exploration Agreement with Texaco
Oil Minister Hamdi al-Banbi on 18 March signed an agreement with Texaco for a tract of 33,800 sq. kms. in the Assiut-Qena area in Upper Egypt. The agreement, which was initialed by the Egyptian General Petroleum Corporation and Texaco 15 months ago (MEES, 15 October 1990), requires the company to spend $20mn on exploration in the mostly virgin area over a period of seven years. This includes...