Two Canadian Firms Win Egyptian Exploration Concessions
Tuesday, April 27, 2004
Egypt's parliament has granted approval to two Canadian companies for oil concessions located in southern Egypt. The companies will spend a total of at least $26 million on drilling and exploration.
The first agreement, with Centurion International Energy, covers about 22,894 square km (8,840 square miles) in the Kom Ombo area in the southern Nile valley, with a commitment to spend at least $15 million over eight years to drill five wells, the ministry said in a statement.
The second agreement, with Quadra Resources Corporation, covers about 30,028 square km (11,600 square miles) in the Nuqra area, it added. The company must invest $11 million over eight years to drill four wells.
After parliamentary approval, the concession agreements need presidential ratification and then formal signature.