Banbi Signs Oil Agreement With Coplex
Egyptian Oil Minister Hamdi al-Banbi on 18 July signedan oil and gas exploration and production-sharing agreement with Coplex, theTasmania-based Australian firm, for the 1,583-sq. km. West 'Ish al-Mallahaonshore tract on the mainland west of the Gulf of Suez in the Eastern Desert.The agreement requires the company to pay a signature bonus of $1mn and to spend$9mn on exploration, including the drilling of three wells, over...
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