Egypt awards oil, gas prospection contracts

CAIRO - Egypt said on Tuesday it awarded contracts for a minimum investment of $1.2 billion in eight oil and gas prospection projects in the Mediterranean Sea off its northern coast.
A statement from the ministry of petroleum said the awards were the result of an international tender which received 13 offers from domestic and foreign companies.
The firms, including BP, Petroceltic International , Edison, Sea Dragon, Dana Gas and Pura Vida Energy, would pay $73.2 million for the licenses.
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