Egyptian Oil Minister Abd El-Hady Kandil has signed a number of new andamended oil production-sharing concession agreements with IEOC (ENl/Agip), BPand Amoco.
Two new agreements were signed with IEOC on 22 December 1987 for offshoretracts at Nazzazat and Ranim in the Gulf of Suez. The Nazzazat concession coversan area of 84.2 sq. kms. and provides for an expenditure of $25mn on exploration over six years, a signature bonus of $6mn and anoutput split ranging...