EGPC Awards Oil Acreage to Texaco and TPC
The Egyptian General Petroleum Corporation (EGPC) has concluded agreements with Texaco and the state-owned Turkish Petroleum Company (TPC) for new oil acreage in Egypt. The Texaco agreement covers 33,800 sq. kms. in the Assiut-Qena area of the Nile in Upper Egypt, and requires the company to pay a signature bonus of $0.25mn and to spend $6.15mn on exploration, including the drilling of four wells, over...