Oil Minister Signs Concession Agreements with Esso and IEOC
On 24 July, Egyptian Oil Minister Hamdi al-Banbi signed the oil and gas exploration and production agreements withEsso and the Agip subsidiary International Egyptian Oil Company (IEOC) that wereapproved earlier (on 10 June) by the Egyptian People's Assembly (parliament) -MEES 17 June. The Esso agreement is for 480 sq. kms. of onshore acreage at SouthHurghada at the southern end of the Gulf of Suez, and...