EGAS, BP sign MoU to drill five wells in Mediterranean Sea

EGAS, the state gas company of Egypt, has entered into a memorandum of understanding (MoU) with energy giant bp to drill five new gas wells in the Mediterranean Sea. The deal was signed in the presence of Egyptian Petroleum Minister Karim Badawy at bp's London headquarters. Badawy said: “The agreement with bp reflects the strength of a partnership spanning more than six decades.” The drilling campaign will explore opportunities at water depths ranging from 300m to 1,500m and focus on expediting the esta ...