Egypt has signed a new oil agreement with Apache of the United States to extend for five years its concession Khalda in the Western Desert.

Under the new deal 10 new wells will be dug at investments of $40 million.

The accord was inked by Petroleum Minister Tarek El Mulla and Apache Region Vice President David Chi.

The minister hailed cooperation with the US firm which uses up-to-date technologies in oil exploration in Egypt.

Source:  MENA