Parliamentary Production Committee Approves Concession Agreements with Phillips and Amoco
The production committee of the Egyptian People's Assembly (parliament) has approved two draft concession agreements with Phillips and Amoco. The agreement with Phillips covers some 6,000 sq. kms. at South Umbaraka in Egypt's Western Desert and requires the company to pay a signature bonus of $2mn and to spend $30mn on exploration over a period of six years. The agreement with Amoco is...
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