Continental Focus, International Reach

Egypt Inks New Sinai Deal

Tuesday, May 15, 2018

Egypt approved an exploration agreement with ENI and Tharwa to explore off the cost of northern Sinai in the Mediterranean. Under the deal the two firms will spend $105 million in two stages over six years.

According to the country’s Petroleum Minister, Tarek El Molla, both stages of the agreement call for wells to be drilled.

The signing of the agreement follows ENI’s announcement of a discovery in the Western Desert on the South West Meleiha license.