British Petroleum company and the Egyptian General Petroleum Corporation signed the oil and natural gas exploration and production agreement. The total cost of the agreement is about $46 millions. It allows BP to explore and build production facilities at the Eastern Ramadan area in the Gulf of Suez.
The contract was signed by the EGPC’s CEO Abed Ezz El Regal and chairman of BP’s Egyptian branch Hesham Mekkawy. Petroleum minister Tarek El Molla stated that the agreement was a reusult of the international tender procedure started by the EGPC back to 2016.