Egypt Signs Oil Concessions with Amoco, Conoco, IEOC and Britoil
The Egyptian General Petroleum Corporation (EGPC) has signed a number of oil production-sharing agreements with Amoco, Conoco, IEOC and Britoil, which are subject to approval by the Egyptian Council of Ministers and People's Assembly (parliament).
The agreement with Amoco covers 700 sq. kms. of onshore acreage at Darag in the northern part of the Gulf of Suez and provides for a signature bonus of $1mn and an...