Egypt signs $30 million oil agreements with US Apache Corp

Egypt signed three oil agreements with the US Apache corp on Thursday worth 30 million dollars to dig 14 wells in the Western Desert, Egypt's Minister of Oil Sameh Fahmy said. The first agreement between the government-owned Egyptian General Petroleum Corporation (EGPC) and Apache, worth 15 million dollars, involves digging six wells in Siwa Oasis to search for oil and gas, Egypt's official MENA news agency reported.
The second and third agreements, worth 7.5 million dollars each, involve digging for four oil and gas wells Gharb Ghazalat and another four in Saloum in the Western Desert. EGPC signed another 4.5 million dollars agreement with the Matz Holdings of Cyprus for gold and minerals exploration in the Eastern Desert.