BG Awarded Tract Off North Sinai
According to press reports from Cairo, British Gas (BG) has been awarded an8,000-sq. km. tract in the Mediterranean north of al-Bardawil Lake off the Sinaicoast. The agreement, which is still to be approved by the Egyptian People'sAssembly (parliament), provides for a signature bonus of $1mn, an explorationprogram which includes the drilling of at least three wells over a period ofseven years, a cost recovery of 35% of production...