An oil and gas exploration agreement has been signed between Egypt and the local subsidiaries of BP Amoco and Elf Aquitaine. The local subsidiaries, Amoco Egypt and Elf Hydrocarbures Egypte, are committed to spending a total of $310 million on drilling 10 exploratory wells. The wells will be in the deep waters of the western Mediterranean, approximately 112 miles off Egypt’s coast, in water depths ranging from 4,920 feet to 9,840 feet.