Banbi Signs Oil Agreements With Phoenix-Apache, Marathon and Petrobel
Egyptian Oil Minister Hamdi al-Banbi on 17 May signed an oil and gasexploration and production agreement with Phoenix Resources and Apache, both ofthe US, for the 7,800-sq. km. tract located west of Lake Qarun in Egypt'sWestern Desert. The agreement requires the companies to pay a signature bonus of$0.3mn and to spend $10mn on exploration, including the drilling of five wells,over a period of...