VOL. XXXVI

NO. 35

31-MAY-1993

EGYPT

Banbi Signs Oil Agreement With BG

Egyptian Oil Minister Hamdi al-Banbi has signed an oil and gas explorationand production agreement with British Gas (BG) for the 8,500-sq. km. tract inthe Mediterranean, north of Bardawil Lake off the Sinai coast. The agreementrequires the company to pay a signature bonus of $1mn and to spend $25mn onexploration, including the drilling of three wells, over a period of sevenyears. The BG agreement was one of seven agreements...