Egypt

TAG Oil Wins Contract to Develop Oil Reservoir in Egypt

Published on : 2022-09-21

TAG Oil Ltd. said Tuesday that it has secured a contract to develop an oil reservoir in the Western Desert of Egypt.

The Canadian oil and gas company said it has been awarded a petroleum services agreement by Badr Petroleum Co. to develop the 107 square-kilometer unconventional Abu Roash reservoir.

TAG said that the final draft of the agreement has been completed and initiated by the parties involved, and said it expects that it would become effective shortly after posting a performance letter of guarantee for $6 million.

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