EGPC Bids Committee Approves Amoco's East Tanka Concession
The Bids Committee of the Egyptian General Petroleum Corporation (EGPC) hasapproved the terms of a concession agreement with Amoco for the 760-sq. km. EastTanka tract in the Gulf of Suez. The agreement requires the company to spend$20mn on exploration, including the drilling of five wells, over a period ofeight years, and to pay a signature bonus of $0.75mn and production bonuses thatcould add up to...