VOL. XXXVII

NO. 27

4-APRIL-1994

Egypt

Banbi Signs Three Oil Agreements With IEOC

On 30 March, Egyptian Oil Minister Hamdi al-Banbi signed three oil agreementswith the Agip subsidiary International Egyptian Oil Company (IEOC). Oneagreement is for the 115,000-sq. km. Farafra permit in what is regarded as afrontier area of the Western Desert. The agreement requires IEOC to pay asignature bonus of $0.5mn and to spend $10mn and drill two wells over anexploration period of eight years. The second...