In Egypt the government has signed a new petroleum agreement that will bring over $5 million into its coffers. The new agreement was signed between the Ministry of Petroleum, Ganope, and Trident Petroleum.
Under the agreement Trident will invest a minimum of $4.5 million, as well as a signature bonus of $500,000. Trident’s agreement is for Block 6, the North West of Tair Al-Bahr, in the Gulf of Suez.
The agreement is part of Ganope’s recent licensing round.