Amoco Signs Two Concession Agreements with EGPC
Amoco has signed two production-sharing concession agreements with the Egyptian General Petroleum Corporation (EGPC). One agreement is for 640 sq. kms. in the West Bakr area in the Gulf of Suez, and provides for a signature bonus of $4mn and an exploration obligation of $36mn over 7 years, of which $12mn will be spent during an initial period of 3 years and another $24mn in a second optional period of 4 years. The second agreement is...
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