Egypt’s General Petroleum Corporation signed an agreement with Electricité de France (EDF Group), owner of Italy’s Edison Company, to develop the second phase of Abu Qir Gas Project.
The signing of the $220 million worth agreement was attended by Tarek al Molla, Minister of Petroleum and Mineral Resources in Cairo on Saturday.
The deal involves a daily production rate estimated at 150 million cubic feet of gas and 6,000 barrels of crude oil and condensate, according to al Molla.
Abu Qir was the first gas field developed in the Egyptian Mediterranean.
Since 1979, it has served the domestic market’s growing demand for gas.