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AMENDMENT
OF
THE CONCESSION AGREEMENT
FOR
PETROLEUM EXPLORATION AND EXPLOITATION
IN
WEST MEDITERRANEAN DEEP WATER AREA
ISSUED BY VIRTUE OF LAW NO. 5 OF 1999
AS AMENDED BY LAW NO. 3 OF 2008
AND LAW NO.126 OF 2010
BETWEEN
THE ARAB REPUBLIC OF EGYPT
AND
THE EGYPTIAN GENERAL PETROLEUM CORPORATION
AND
BP EGYPT WEST MEDITERRANEAN ( BLOCK B ) B. V.
AND
RWE DEA AG
This Amendment (hereinafter referred to as the "Amendment") is made
and entered on this _____ day of, _______20--, by and between:
The ARAB REPUBLIC OF EGYPT (hereinafter referred to variously as
"A.R.E." or as the "GOVERNMENT"), represented by the Minister of
Petroleum and Mineral Resources , in his capacity; and
Legal Headquarter of the Ministry of Petroleum : 11 Ahmed Al Zomor
St., Nasr City, Cairo.
The EGYPTIAN GENERAL PETROLEUM CORPORATION, a legal
entity created by Law No. 167 of 1958 as amended (hereinafter referred
to as "EGPC"), represented by the Chief Executive Officer, in his
capacity; and
Legal Headquarter :Palestine St., Part 4,New Maadi, Cairo.

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BP EGYPT WEST MEDITERRANEAN ( BLOCK B ) B. V. , a private

limited liability company organized and existing under the laws of
Netherland, represented by the President of the company or a concerned
delegate supported with a power of attorney (hereinafter referred to as
"BP"); and
Legal Headquarter of BP's branch in A.R.E. : 14, St. 252, Degla - New
Maadi - Cairo.
RWE Dea AG, a limited liability company organized and existing under
the laws of the Federal Republic of Germany represented by the Chief
Executive Officer of the company or a concerned delegate supported with
a power of attorney (hereinafter referred to as "RWE").
Legal Headquarter of RWE's branch in A.R.E : 16, St. 253, Degla, New
Maadi, Cairo.
("BP" and "RWE" shall hereinafter referred to collectively as
"CONTRACTOR" and individually as "CONTRACTOR MEMBER").
PREAMBLE
WHEREAS, a Concession Agreement for Petroleum Exploration and
Exploitation in the West Mediterranean Deep Water area was issued by
virtue of Law No. 5 of 1999 between the Arab Republic of Egypt, the
Egyptian General Petroleum Corporation and AMOCO Egypt West
Mediterranean (Block B) B.V. and ELF Hydrocarburs Egypte as
amended by virtue of Law No. 3 of 2008 and Law No. 126 of 2010 (Law
No. 5 of 1999 and its amendments hereinafter referred to as the
"Concession Agreement"); and
WHEREAS, ELF Hydrocarburs Egypte assigned its interest in the
Concession Agreement to AMOCO Egypt West Mediterranean (Block B)
B.V. and AMOCO Egypt West Mediterranean (Block B) B.V. assigned
part of its interest to RWE Dea AG, and as a result the current
CONTRACTOR under the Concession Agreement are BP EGYPT
WEST MEDITERRANEAN (Block B) B.V. (formerly AMOCO Egypt
West Mediterranean (Block B) B.V.) and RWE Dea AG; and

WM dd v l
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WHEREAS, up to and until the effective date of this Amendment, (i)

CONTRACTOR's access to the land described in the Presidential Decree
No.166 of 2009 has been hindered; (ii) the additional 72 feddans adjacent
to the land described in the Presidential Decree No. 166 of 2009 have not
been allocated; and (iii) some of the permits and approvals related to the
critical path items under the Amendment Agreement have not been
issued as stipulated under Article VI(d) and Article XV(d) of the
Amendment Agreement, which are all causes arising not due to the fault
or negligence of, and which are beyond the reasonable control of,
CONTRACTOR, EGPC and the GOVERNMENT; and
WHEREAS, an alternative project site was proposed by EGPC to
CONTRACTOR in good faith, to mitigate the delay caused by the
occurrence of the events referred to above, but was determined to be
technically unsuitable according to the technical studies; and
WHEREAS, from the perspective of sound and accepted petroleum
industry practices, and as a result of the aforementioned, the First Gas
Start-Up Date of July 1st, 2014 referred to in the Amendment Agreement
will not be achieved, in particular in the event of reliance on the
Development concept as referred to in the Amendment Agreement and
the Plan of Development approved in October 2010, leading to shortage
of the Gas quantities needed for the Egyptian domestic Gas market; and
WHEREAS, EGPC and CONTRACTOR agreed on the inappropriateness
of that land described in the Presidential Decree No.166 of 2009 and the
additional, adjacent 72 feddans, and also the alternative project site
referred to above for carrying out of the project as per the new
Development concept as referred to in this Amendment ; and
WHEREAS, EGPC and CONTRACTOR have met and negotiated in
good faith in accordance with the commitment under Article (XV) of the
Amendment Agreement, and have agreed that certain amendments to
some of the provisions of the Amendment Agreement are required, on the
basis that those amendments constitute the best possible means to mitigate
the risks and liabilities associated with the delay attributable to the events
that occurred, as described above, and in order to accelerate the production
of Gas, all for the mutual benefit of all parties to the Amendment Agreement.

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Now, THEREFORE, the parties hereto agree as follows :

ARTICLE I
The aforementioned Preamble shall be deemed as an inalienable part to
this Amendment, complemented and integrated to its provisions.
ARTICLE II
Except as otherwise specified under this Amendment, the words and
expressions defined in the Amendment Agreement shall have the same
meaning in this Amendment.
ARTICLE III
Article I (b),(r),(y) (ff), (hh),(jj),(oo), (pp) and (qq) of the Amendment
Agreement shall be deleted in their entirety and shall be respectively
replaced by the following:
(b) "Development" includes, but is not limited to, all operations and
activities pursuant to the Work Program(s) with respect to:
i. The drilling, plugging, deepening, side-tracking, re-drilling completing,
equipping of development wells, the changing of the status of
a well, and
ii. design, engineering, construction, installation, servicing and
maintenance of equipments, lines, systems facilities, plants and
related operations to produce and operate said development wells,
taking, saving, treating, handling, storing, transporting and
delivering Petroleum, re-pressuring, recycling and other secondary
recovery projects, and
iii. transportation, storage, procurement and use or otherwise gaining
access to third party facilities , assets or land and any other work or
activities necessary or ancillary to the activities specified in (i) or (ii).

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(r) "Amendment Agreement" means the Amendment Agreement issued

by Law No. 126 of 2010 and its amendments.
(y) "Joint Development Committee" or "JDC" means the committee to
be formed to supervise CONTRACTOR's performance of the Exploration
activities, Development activities and production operations carried
out hereunder, which will be formed of twelve (12) part-time
members, six (6) of whom shall be appointed by EGPC and six (6)
by CONTRACTOR and whose chairman will be designated by
EGPC from among the members appointed by EGPC. EGPC shall
have the option to dedicate on full-time basis one of its appointed
members in the JDC, whose role will be to manage communications
and documentations between CONTRACTOR and EGPC.
(ff) "Commissioning Period" means the period commencing on the First
Gas Start-Up Date and ending ninety (90) days after that date.
(hh) (i) "Initial Reserves" means those Gas and Condensate reserves
currently calculated as of the effective date to be five trillion
standard cubic feet (5 TSCF) of Gas and fifty five million Barrel
(55 MMBBL) of Condensate respectively, which are expected to
be produced from the Pliocene and upper Miocene (but limited
to Messinian and Tortonian) reservoirs of the Libra, Taurus,
Fayoum and Giza fields and the Miocene reservoir of the Raven
field or any shallower reservoirs, within such fields as more
specifically set out in Annex "F".
(ii) "Incremental Reserves" means any Gas and Condensate reserves
produced in excess of five trillion standard cubic feet (5 TSCF)
of Gas and fifty five million Barrel (55 MMBBL) of Condensate
respectively, which may be produced from the Pliocene and
upper Miocene (but limited to Messinian and Tortonian)
reservoirs of the Libra, Taurus, Fayoum and Giza fields and the
Miocene reservoirs of the Raven field or any shallower
reservoirs within such fields and for which no Incremental
Investment is required.

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(iii) "Incremental Investment" means any additional capital investment
required to carry out activities to develop and produce Gas and
Condensate from the Pliocene and upper Miocene (but limited to
Messinian and Tortonian) reservoirs of the Libra, Taurus,
Fayoum and Giza fields and the Miocene reservoirs of the Raven
field or any shallower reservoirs within such fields not referred
to in the scope of work section of the last Plan of Development
approved on or before the effective date of the Amendment or
the relevant Field Development Plan, provided that, the investments
when added together for such activities is in excess of four
hundred and fifty (450) Million United States Dollars in total.
(jj) "First Gas Start-Up Date" means a date of first deliveries of Gas
from the Project Concessions set on July 1st, 2017.
(oo) "Delivery Point(s) for Gas" means the point(s) at which custody
and title of Gas transfers from CONTRACTOR to EGPC at the
battery limit which is to be at the metering stations of the
onshore plant (or plants) as reflected in the Gas and
Condensate Delivery Agreement, and reflected in the Plan of
Development to be approved by EGPC on or before the
effective date of the Amendment (as such point(s) and Plan of
Development may be amended from time to time upon the
written agreement of EGPC and CONTRACTOR).
(pp) "Delivery Point (s) for Condensate" means the point(s) at which
custody and title of Condensate transfers from CONTRACTOR
to EGPC at the battery limit which is to be at the metering
stations of the onshore plant (or plants) as reflected in the Gas
and Condensate Delivery Agreement, and reflected in the Plan
of Development to be approved by EGPC on or before the
effective date of the Amendment (as such point(s) and Plan of
Development may be amended from time to time upon the
written agreement of EGPC and CONTRACTOR).

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(qq) "North Alexandria Amendment" means the concession agreement
issued by virtue of law No. 15 of 1992 as amended by virtue of
Law No. 34 of 1994 , Law No. 1 of 2008 and Law No. 134 of
2010 (as amended by an amendment on similar terms, and
signed on the same date, as this Amendment).
ARTICLE IV

The following new definitions shall be inserted into Article (I)

"Definitions" of the Amendment Agreement:
(rr) "Amendment" means the Amendment to the Amendment Agreement
executed on [ ______ ] 20--.
(ss) "Service Provider" means a company engaged by CONTRACTOR
after approval by EGPC, which shall be identified in the Plan of
Development, to carry out part of the activities and operations agreed
under the Plan of Development, with respect to Taurus and Libra
Fields. EGPC and CONTRACTOR agreed that as of the effective
date of the Amendment, the Service Provider will be Burullus Gas
Company, without prejudice to EGPC and CONTRACTOR's right to
change the Service Provider at any time according to the Plan of
Development.
(tt) "2010 Reference Expenditures" means an amount of nine (9) billion
United States Dollars.
(uu) "BOE" or "Barrels of Oil Equivalent" means the total volume where
Gas volumes, whether in-place or as production, are converted to
a liquid volume such that five thousand and eight hundred standard
cubic feet of Gas is counted as one barrel of Oil equivalent (BOE)
and is added to Condensate where one barrel of Condensate is equal
to one BOE.
(vv) "Review Trigger Threshold" shall have the meaning ascribed to it in
Article VII(1.2)(i)(1)(a) hereunder.
(ww) "Material Variation" shall have the meaning ascribed to it in Article
VII (1.2)(i)(1)(b) hereunder.
(xx) "First Review" shall have the meaning ascribed to it in Article VII
(1.2) (i)(2) (a) hereunder.

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(yy) "Reserves Review" shall have the meaning ascribed to it in Article

VII (1.2)(i)(2)(b) hereunder.
(zz) "Periodic Review" shall have the meaning ascribed to it in Article
VII(1.2)(i)(2)(c) hereunder.
ARTICLE V
Article VI(a) of the Amendment Agreement shall be deleted in its
entirety and replaced by the following:
(a) The JDC will be formed of twelve (12) part-time members, six (6) of
whom shall be appointed by EGPC and six (6) by CONTRACTOR
and whose chairman will be designated by EGPC from among the
members appointed by EGPC. EGPC shall have the option to
dedicate on a full-time basis one of its appointed members in the
JDC, whose role will be to manage communications and documentations
between CONTRACTOR and EGPC. Within fifteen (15) days after
the effective date of the Amendment, CONTRACTOR shall notify
EGPC of the identity of its appointed members to the JDC and within
sixty (60) days after the effective date of the Amendment, EGPC
shall notify CONTRACTOR of the identity of its appointed members
to the JDC. EGPC and CONTRACTOR shall use their reasonable
endeavors to ensure that such JDC members convene the first JDC
meeting within sixty (60) days of the effective date of the
Amendment. Each of EGPC and CONTRACTOR may replace their
appointed JDC members at any time by written notice to the other in
accordance with Article X of the Amendment Agreement.
CONTRACTOR through its own organization and subject to Article
XVII, shall conduct Exploration and Development activities and
production operations under the supervision of the JDC without
prejudice to the CONTRACTOR's right to utilize its own procurement
and supply chain management processes and procedures for the
discharge of all the obligations and execution of all the activities
hereunder, in accordance with sound and accepted petroleum
industry practices without the need for any further approvals from
the JDC and/or EGPC other than those stipulated hereunder.

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Not later than four (4) months before the end of the current Financial
Year (or such other date as may be agreed upon by EGPC and
CONTRACTOR) and no later than four (4) months preceding the
commencement of each succeeding Financial Year thereafter (or
such other date as may be agreed upon by EGPC and
CONTRACTOR) CONTRACTOR shall be responsible for the
preparation of any Exploration Work Program for any part of the
Area and the preparation of the Development Work Program setting
forth the Development work which CONTRACTOR intends to carry
out during the ensuing year and which shall be implemented in
a workman like manner and consistent with sound and accepted
petroleum industry practices. The JDC shall review any Exploration
Work Program for the Area and any Development Work Programs
for each Development Lease. Any Work Program shall include a list
of the necessary permits required for CONTRACTOR to carry out its
obligations and the timelines to acquire the permits related to such
obligations. CONTRACTOR agrees to undertake all necessary
actions required to be taken by CONTRACTOR and adhere to any
legal requirement for the issuance of the required permits and submit
the applications of such permits on a timely manner to the competent
authorities. For the purpose of obtaining all the required permits and
without prejudice to the foregoing, EGPC shall facilitate the issuance
(including endorsement of CONTRACTOR's requests), of all
permits required for CONTRACTOR to carry out its obligations
hereunder promptly and in timely manner. The provisions of this
Article VI(a) shall be subject to the provisions of Article XV.
Moreover, the JDC shall be responsible for:
i.

Proceeding with the acquisition of EGPC approval of any Plan

of Development(s) and the Field Development Plan(s), except
for the Plan of Development which shall be approved by EGPC
before or on the effective date of the Amendment; and

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ii. monitoring the Annual Work Program(s), for Exploration and

Development activities and production operations, and
CONTRACTOR's performance of the activities carried out
hereunder through a quarterly progress report delivered by
CONTRACTOR to the JDC which will include, but shall not be
limited to, the following:
- Progress against any approved Plan of Development; and
- progress against any Annual Work Program; and
- progress of CONTRACTOR's satisfaction of its obligations in
respect of local contractors and locally manufactured material
as per Article (XXVI), and
iii. monitoring CONTRACTOR's performance of the activities
carried out hereunder during the production operations through
a monthly progress report delivered by CONTRACTOR to the
JDC which will address key performance indicators and
milestones, including production rates and forecasts in
accordance with the provisions of the Gas and Condensate
Delivery Agreement; and
iv. proceeding with the issuance of all the required permits and
permissions requested by CONTRACTOR as part of the Annual
Work Program(s) (and in particular, any permits or permissions
which are considered critical path items). CONTRACTOR shall
adhere to any legal requirement for the issuance of the required
permits and submit the applications of such permits on a timely
manner to the competent authorities. For the purpose of obtaining
such permits and permissions including without limitation work
permits, operational permits and environmental permits required
for operations and due delivery of CONTRACTOR's obligations
hereunder, EGPC shall facilitate the issuance (including
endorsement of CONTRACTOR's requests) of all permits
required for CONTRACTOR to carry out its obligations hereunder
and in a timely manner. The provisions of this Article VI(a)
shall be subject to the provisions of Article XV; and

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v. reviewing end of year progress reports covering activities

performed and their expenditures incurred; and
vi. the JDC is entitled to peruse and obtain a copy of all
documentation (including without limitation, invoices and
contracts) pertaining to the costs and expenditures incurred by
CONTRACTOR in respect of the activities carried out
hereunder; and
vii. verifying the amounts of any further Gas reserves for the purpose
of the Second Optional Extension Period.
Following the approval of EGPC of the plan of Development
CONTRACTOR shall not substantially revise or modify the said
plan of Development, without the prior approval of EGPC.
Notwithstanding any other provisions of the Amendment Agreement,
in the event of emergencies involving danger of loss of lives or
property, the CONTRACTOR shall take all steps and measures as
may be prudent and necessary in accordance with sound and
accepted petroleum industry practices for the protection of its
interests and the interests of EGPC in the A.R.E. and the property,
life and health of other persons, the environment and the safety of
Petroleum operations. CONTRACTOR shall promptly inform EGPC
of such emergency or accident and will report any alteration from the
approved Plan of Development or any reviewed Work Program by
the JDC. For the avoidance of doubt, all the approvals granted by the
JDC shall constitute the approval of EGPC and CONTRACTOR
thereto and shall not be unreasonably withheld or delayed.
The JDC shall meet on a monthly basis as well as when the
Chairman or at least four (4) of the JDC members or EGPC or
CONTRACTOR require. The JDC meetings shall be held in Cairo,
A.R.E. or in any other place as may be agreed on by
CONTRACTOR and EGPC.

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All decisions and approvals granted by the JDC (whether through

meetings or circulation), shall require the approval of at least six (6)
members of the JDC, consisting of at least three (3) members
appointed by EGPC and three (3) members appointed by
CONTRACTOR, or their delegates whom should be JDC members
and authorized by a written proxy and whose approval shall
constitute the approval of their principals with respect to any matter
which is within the powers and duties of the JDC.
A secretary shall be appointed from the JDC members appointed by
CONTRACTOR who will send out notifications of meetings which
will include, without limitation, a proposed date for the meeting, an
agenda specifying the essential details in relation to the matters to be
discussed and decided upon at the relevant meeting and shall be
accompanied by any relevant documents required for such meeting.
Such notification of a meeting must be given to all JDC members at
least fifteen (15) working days in advance of such meeting. The
aforementioned notice period may only be changed with the
unanimous consent of all the JDC members.
Within five (5) working days from the receipt of the meeting
notification by the JDC members, any JDC member, by notice to the
secretary, has the right to add additional matters to the agenda and/or
ask for any clarification or further data or information from
CONTRACTOR with respect to any agenda item or matter(s) which
requires a decision of the JDC according to the provisions of the
Amendment Agreement. CONTRACTOR shall have five (5)
working days to respond to such request.

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Only on the request of a JDC member from either EGPC or

CONTRACTOR and with the consent of all JDC members may the
JDC consider at a meeting a proposal not contained in such meeting
agenda. All the JDC decisions shall be documented by the secretary
in the form of resolutions signed by at least two (2) members of the
JDC, one (1) of which is the Chairman of the JDC or his delegate
from the JDC members appointed by EGPC and another one (1)
from the JDC members appointed by CONTRACTOR.
All decisions and approvals required from the JDC shall not be
unreasonably withheld and shall be given and communicated to
CONTRACTOR within five (5) working days after the date of the
relevant JDC meeting and in any event not later than ten (10)
working days from the meeting date proposed in the original
notification by the JDC secretary.
In the event a JDC member appointed by CONTRACTOR has rejected
any proposal, such JDC member shall promptly provide to EGPC
a reasonable justification for its rejection not more than five (5)
working days following the JDC meeting, and in the event a JDC
member appointed by EGPC rejected any proposal, such JDC
member shall then promptly provide to CONTRACTOR a reasonable
justification for its rejection not more than five (5) working days
following the JDC meeting.
Without prejudice to the foregoing, and in case of JDC's justifiable
rejection, CONTRACTOR shall escalate, in writing, the matter in
question to EGPC Chief Executive Officer who shall use his best
endeavors to reach a resolution with CONTRACTOR on the respective
matter in the best interests of the activities carried out hereunder,
provided that if from the perspective of a reasonable and prudent

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contractor, any delay in approving the matter in question might

hinder or delay the delivery of CONTRACTOR's obligations under
the Amendment Agreement and the Gas and Condensate Delivery
Agreement, or in any event EGPC and CONTRACTOR are unable
to reach a resolution on any unresolved matter within seven (7)
working days following the escalation of the matter to EGPC Chief
Executive Officer, CONTRACTOR shall have the right to proceed.
In the event that any of such JDC members fails to communicate
a decision or to provide the required justification to CONTRACTOR
or EGPC (as the case may be) within the JDC approval period referred
to above, the respective matter proposed will be deemed to have been
decided upon positively by such JDC member, and where such decision
would have resulted in the approval by the JDC of the matter proposed,
the secretary shall deliver to the JDC Chairman and CONTRACTOR
a written confirmation signed solely by the secretary that the JDC
decision making process as detailed herein is fulfilled and the
respective matter proposed shall be deemed in favor of CONTRACTOR
proposal and consistently with the Amendment Agreement.
ARTICLE VI
Article VII(1.1)(b) of the Amendment Agreement shall be deleted in
its entirety and replaced by the following:
(b) All Gas and Condensate produced and saved from any Incremental
Reserves, and not used in Petroleum operations under the
Amendment Agreement shall be shared between CONTRACTOR
and EGPC according to the following shares:
Incremental Reserves
Gas produced and saved from
Incremental Reserves and not
used in Petroleum operations.
Condensate produced and saved
from Incremental Reserves and
not used in Petroleum operations.

EGPC
Percentage Share

CONTRACTOR
Percentage Share

50%

50%

50%

50%

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Subject to the provisions of this Article VII(1), CONTRACTOR's share

of such Incremental Reserves of Gas and Condensate shall be disposed
and delivered to EGPC under the long term Gas and Condensate Delivery
Agreement as referred to in Article VII(1.1)(d) (i).
For the avoidance of doubt, in the event that Incremental Investment will
not be incurred by CONTRACTOR, any Gas and Condensate produced
in excess of five trillion standard cubic feet (5 TSCF) of Gas and fifty
five million Barrels (55 MMBBL) of Condensate respectively, from the
Pliocene and upper Miocene (but limited to Messinian and Tortonian)
reservoirs of the Libra, Taurus, Fayoum and Giza fields and the Miocene
reservoir of the Raven field or any shallower reservoirs within such
fields, shall be considered Incremental Reserves and shall be subject to
the production share percentages in the above table.
ARTICLE VII
Article VII(1.2)(a), (b) and (c) of the Amendment Agreement shall be
deleted in their entirety and respectively replaced by the following:
(a) Subject to the provisions of Article VI(d) and Article XV, the
CONTRACTOR is committed to the First Gas Start-Up Date.
In the event that the effective date of the Amendment (or the
effective date of the related amendment to the North Alexandria
Amendment) occurs later than 31st December 2014, CONTRACTOR
shall not be liable for failure to deliver Gas on the First Gas Start-Up
Date.
Accordingly, the First Gas Start-Up Date shall be deferred by
a period of days which shall as a maximum be the length of the period
of delay, and which may be increased as agreed between EGPC and
CONTRACTOR (and any subsequent dates relating to the delivery
of Gas or Condensate shall be amended accordingly). In addition,
EGPC and CONTRACTOR shall meet and negotiate in good faith to
reach an agreement on the best possible means to mitigate the delay
and the risks, liabilities, implications and consequences associated
with such delay.

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(b) All Gas and Condensate disposal and delivery to EGPC shall be
guaranteed by an irrevocable, revolving stand-by letter of credit
substantially in the form attached herewith as Annex "E", which
EGPC will procure is issued by a first class Egyptian bank
acceptable to CONTRACTOR in favour of CONTRACTOR. Such
a letter of credit shall be issued ten (10) working days before the first
deliveries of Gas from either of the Project Concessions.
The value of the letter of credit shall be updated quarterly, confirmed
to CONTRACTOR at least ten (10) working days prior to the start of
each relevant quarter of each Calendar Year and shall be
automatically revolving during the Amendment Agreement term
(and accordingly the letter of credit will continue to be valid without
a requirement for it to be re-issued) covering an estimated value of
the three (3) months subsequent deliveries of Gas and Condensate as
shall be further detailed in the Gas and Condensate Delivery
Agreement.
(c) CONTRACTOR shall make Gas available for disposal and delivery to
EGPC, and EGPC shall pay for the quantities of such Gas disposed
and delivered by CONTRACTOR as described below, subject to the
provisions of Article VII(1.2)(a) and Article XV:
i. During the Commissioning Period commencing on July 1st, 2017
and ending on September 30th, 2017, an average daily rate of 200
Million Standard Cubic Feet of Gas per Day;
ii. Commencing on October 1st, 2017 and ending on December 31st,
2018, a DCQ of 400 Million Standard Cubic Feet of Gas per Day;
iii. Commencing on January 1st, 2019 and ending on December 31st,
2019, a DCQ of 550 Million Standard Cubic Feet of Gas per Day;

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iv. Commencing on January 1st, 2020 a DCQ of 1000 Million

Standard Cubic Feet of Gas per Day for a plateau period of five
(5) years;
v. Commencing on January 1st, 2025 and ending on June 30th, 2026,
a DCQ of 900 Million Standard Cubic Feet of Gas per Day.
The above mentioned DCQ amounts may be amended by agreement
between EGPC and CONTRACTOR.
And the DCQ amounts shall be proportionately reduced to reflect
that CONTRACTOR will not be able to produce from any of the
Giza, Fayoum, Raven, Taurus or Libra fields (in accordance with the
production profiles set out in the Gas and Condensate Delivery
Agreement) where such inability to produce is caused by or arises
out of any of the matters set out in Article XV(c).
If CONTRACTOR is able to deliver an average daily rate of Gas of
(200) Million Standard Cubic Feet per Day before the First Gas
Start-Up Date referred to above, the Commissioning Period shall
commence following notice from CONTRACTOR to EGPC and
after EGPC and CONTRACTOR agreement on appropriate
amendments to all such dates and DCQ quantities of Gas referred to
in this Article VII(1.2)(c) to reflect such earlier commencement of
the Commissioning Period, and the new First Gas Start-Up Date.
EGPC and CONTRACTOR shall agree separate commissioning
periods for production from Other Reserves and incorporate such
periods into relevant Gas and Condensate Delivery Agreement.

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ARTICLE VIII

Article VII(1.2)(i) of the Amendment Agreement shall be deleted in

its entirety and shall be replaced by the following:
(i) It is recognized that the Gas compensation formula stipulated in
Article VII(1.2)(d) was agreed on the basis that the("2010 Reference
Expenditures") would be incurred by CONTRACTOR as capital
expenditures during the period starting on January 1st, 2006 and
ending on the date of completion of the full Development activities
(including capital expenditures incurred after production start-up) in
relation to the Initial Reserves and on the basis that such Initial
Reserves are five trillion standard cubic feet (5 TSCF) of Gas and
fifty five million Barrels (55 MMBBLS) of Condensate equivalent in
total to (917) million BOE.
(1) For the purposes of this Article VII(1.2)(i):
(a) "Review Trigger Threshold":
(1) With respect to the First Review (or the first Periodic Review in
the event that the First Review does not take place), shall be the
2010 Reference Expenditures; and
(2) with respect to any Periodic Review, the Review Trigger
Threshold shall be as follows:
(i) One (1) billion United States Dollars less than the last Review
Trigger Threshold applied in the previous review, if there was
a downward Material Variation with respect to capital
expenditures in such previous review; or
(ii) one (1) billion United States Dollars more than the last Review
Trigger Threshold applied in the previous review, if there was
an upward Material Variation with respect to capital
expenditures in such previous review; or

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(iii) the Review Trigger Threshold applicable in the previous
review if there was no Material Variation with respect to
capital expenditures in such previous review;

(b) "Material Variation" means:

(1) Material Variation with respect to capital expenditures:
Is achieved if the capital expenditures actually incurred under
the Project Concessions by CONTRACTOR (during the period
starting on January 1st, 2006 and ending on the trigger date for
the right to request the relevant review) are one (1) billion US$
or more greater or less than the applicable Review Trigger
Threshold ; and/or
(2) Material Variation with respect to reserves:
(i) Is achieved if the total of the Initial Reserves plus Incremental
Reserves (expressed in BOE) as assessed on the trigger date
for the right to request the relevant review exceeds by any
volume the Initial Reserves (which are equivalent to nine
hundred and seventeen (917) million BOE); or
(ii) is achieved if the total of a revised assessment of the Initial
Reserves (expressed in BOE) on the trigger date for the right
to request the relevant review (produced or to be produced in
accordance with the Plan of Development) is at least ten
percent (10%) less than the Initial Reserves (which were
equivalent to nine hundred and seventeen (917) million
BOE), provided that such Material Variation can only be
achieved after the lapse of the agreed DCQ period referred to
in Article VII(1.2)(c);

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(c) The Gas compensation formula amendment examples attached to

Annex (4) of the Gas and Condensate Delivery Agreement
entered into between EGPC and CONTRACTOR for the Initial
Reserves (as to be amended if required) are included for
illustrative purposes only in order to assist EGPC and
CONTRACTOR (and any expert panel appointed pursuant to
Article VII(1.2)(i)(7)) in the application of the Gas compensation
formula review and its amendment mechanism set out in this
Article VII(1.2)(i).
(2) Subject to Article VII(1.2)(i)(11), CONTRACTOR and/or EGPC
shall have the right to request a review of the Gas compensation
formula in accordance with the process contemplated by this Article
VII(1.2)(i) as per the following and in accordance with the trigger
dates set out below:
(a) First Review:
(i) Following the date of first deliveries of Gas from the Raven
field together with any of Giza or Fayoum fields, as notified
by CONTRACTOR to EGPC; or
(ii) after the lapse of a four (4) year period from the First Gas
Start-Up Date, (whichever comes first).
(b) Reserves Review:
(i) After the lapse of a two and a half (2.5) year period from the
date of a request for the First Review; or
(ii) if no First Review request was actually made, after the lapse
of a two and a half (2.5) year period after the lapse of a four
(4) year period from the First Gas Start-Up Date;
(c) Periodic Review:
(i) Every five (5) years after the date of the First Review request
or the date of the last Periodic Review request; or
(ii) if no First Review or Periodic Review request was actually
made, after the lapse of a five (5) year period from the trigger
date for the First Review request or the trigger date for the
last Periodic Review request (as the case may be).

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(3) An EGPC and/or CONTRACTOR request for review of the Gas

compensation formula shall be notified to the respective other side in
writing no later than three (3) months from the trigger date for the
right to request the First Review, Reserves Review or Periodic
Review (as the case may be).
(4) For the First Review, within one hundred and eighty (180) days from
the relevant trigger date for the right to request the review (if a
request has been issued in accordance with Article VII(1.2) (i) (3)
above), EGPC and CONTRACTOR shall each deliver to the other
party their respective positions on:
(a) Whether a Material Variation with respect to capital expenditures
has been achieved; and
(b) the capital expenditures actually incurred by CONTRACTOR
during the period starting on January 1st, 2006 up to the relevant
trigger date for the right to request the review (with supporting
documents).
Without prejudice to Article VII(1.2)(i)(10), within two hundred and
thirty five (235) days from the relevant trigger date for the right to
request the review (if a request has been issued in accordance with
Article VII(1.2)(i) (3) above), EGPC and CONTRACTOR shall meet
to discuss in good faith to examine and review the proposals and the
supporting documents in order to agree:
(a) Whether a Material Variation with respect to capital expenditures
has been achieved; and
(b) the capital expenditures actually incurred by CONTRACTOR
during the period from January 1st, 2006 up to the relevant
trigger date for the right to request the review, in accordance
with the audit provisions set out in Article I(c) of Annex "C" of
the Amendment Agreement.

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In the event that the matters set out under (a) and (b) immediately
above are agreed between EGPC and CONTRACTOR

(or

determined by the expert panel pursuant to Article VII(1.2)(i)(7)

below) the Gas compensation formula and the Gas price cap and
floor applicable at the date of the review request shall be amended
and applied as follows:
M = N * (1 +S)
O = P * (1 +S)
Q = R * (1 +S)
Where:
M = amended Gas price (US$/MMBTU)
N = the Gas price determined monthly according to the original Gas
compensation formula as per Article VII(1.2)(d) of the
Amendment Agreement.
O = amended Gas price cap
P = original Gas price cap as per Article VII(1.2)(d) of the
Amendment Agreement (US$4.1/MMBTU)
Q = amended Gas price floor
R = original Gas price floor as per Article VII(1.2)(d) of the
Amendment Agreement (US$ 3.0/MMBTU)
S = the percentage increase or decrease (T) after applying the
limitation of 15% referred to in Article VII (1.2)(i)(4)(b) below
(expressed as a positive or negative decimal (e.g. an increase of
11% would be applied in the formula above as 0.11or a decrease
of 11% would be applied in the formula as -0.11)) to be applied
in the formulas above of this paragraph.

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Whereas (T) = (X),

Whereas (X) = the percentage as agreed between EGPC and
CONTRACTOR (or determined by the expert panel pursuant to
Article VII(1.2)(i)(7) below in the event that CONTRACTOR and
EGPC fail to agree ) as being the same percentage of increase or
decrease in the capital expenditures actually incurred by
CONTRACTOR during the period starting on January 1st, 2006 up
to the relevant trigger date for the right to request the review when
compared to the 2010 Reference Expenditures, provided that:
(a) The Gas compensation formula, and the cap and floor thereof
shall not be amended unless there has been a Material Variation
with respect to capital expenditures; and
(b) any percentage "S" to be applied as an amendment to the Gas
compensation formula and the cap and floor thereof shall not
exceed fifteen percent (15%) (by way of increase or decrease) in
the First Review.
Only incurred capital expenditures will be considered in the
First Review.
(5) For the Reserves Review, within one hundred and eighty (180) days
from the relevant trigger date for the right to request the review (if
a request has been issued by EGPC in accordance with Article VII
(1.2)(i) (3) above), EGPC and CONTRACTOR shall each deliver to
the other party their respective positions on:
(a) Whether a Material Variation with respect to reserves has been
achieved (with documents supporting the technical assessment
of reserves); and
(b) the proposed percentage decrease (if any) to be used to amend the
Gas compensation formula and the cap and floor thereof to
reflect the Material Variation impact (if any) with respect to
reserves (provided that the percentage decrease applied to the
Gas compensation formula may be different to or equal to the
percentage increase in reserves), (including the basis upon
which such percentage decrease (if any) has been calculated).

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CONTRACTOR shall submit all data and documents available (as

per sound and accepted petroleum industry practices) which are
required for the clarification of the total of Initial Reserves plus
Incremental Reserves in accordance with the request of EGPC or the
expert panel.
Within two hundred and thirty five (235) days from the relevant
trigger date for the right to request the review (if a request has been
issued in accordance with Article VII(1.2)(i)(3) above), EGPC and
CONTRACTOR shall meet to discuss in good faith to examine and
review the proposals and the supporting documents in order to agree
on:
(a) Whether a Material Variation has been achieved with respect to
reserves; and
(b) the percentage decrease (if any) to be used to amend the Gas
compensation formula and the cap and floor thereof , to reflect
the Material Variation impact (if any) with respect to reserves.
In the event that the matters set out under (a) and (b) immediately
above are agreed between EGPC and CONTRACTOR (or
determined by the expert panel) pursuant to Article VII(1.2)(i)(7)
below, the Gas compensation formula and the Gas price cap and
floor applicable at the date of the review request shall be amended
and applied as follows:
M = N * (1 + (Sp+S))
O = P * (1 + (Sp+ S))
Q = R * (1 + (Sp+S))
Where:
M = amended Gas price (US$/MMBTU)
N = the Gas price determined monthly according to the original Gas
compensation formula as per Article VII(1.2)(d) of the
Amendment Agreement
O = amended Gas price cap

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P = original Gas price cap as per Article VII (1.2) (d) of the
Amendment Agreement (US$ 4.1/MMBTU)
Q = amended Gas price floor
R = original Gas price floor as per Article VII (1.2) (d) of the
Amendment Agreement (US$3.0/MMBTU)
SP = the value(S) applied in the First Review( if any).
S = the percentage decrease (T) after applying the limitation of 15%
referred to in Article VII(1.2)(i)(5)(b) below (expressed as
a negative decimal (e.g. a decrease of 11% would be applied in
the formula as -0.11)) to be applied in the formulas above in this
paragraph.
Whereas (T) = (Y)
Whereas (Y) = the percentage agreed between EGPC and
CONTRACTOR (or determined by the expert panel pursuant to
Article VII(1.2)(i)(7) below in the event that EGPC and CONTRACTOR
fail to agree) (if any) to be used to amend the Gas compensation
formula and the cap and floor thereof to reflect the Material
Variation impact (if any) with respect to reserves, provided that:
(a) The Gas compensation formula and the cap and floor thereof
shall not be amended unless there has been a Material Variation
with respect to reserves;
(b) any percentage (S) to be applied as an amendment to the Gas
compensation formula and the cap and floor thereof shall not
exceed fifteen percent (15%) (by way of decrease ) in the
Reserves Review.
(6) For any Periodic Review, within one hundred and eighty (180) days
from the relevant trigger date for the right to request the review (if
a request has been issued in accordance with Article VII(1.2)(i)(3)
above), EGPC and CONTRACTOR shall each deliver to the other
party its respective position regarding:

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(a) Whether a Material Variation with respect to capital expenditures

has been achieved; and
(b) the capital expenditures actually incurred by CONTRACTOR
during the period starting January 1st, 2006 up to the relevant
trigger date for the right to request the review (with supporting
documents); and
(c) whether a Material Variation has been achieved with respect to
reserves (with documents supporting the technical assessment of
reserves); and
(d) the proposed percentage increase or decrease (if any) to be used
to amend the Gas compensation formula and the cap and floor
thereof to reflect the Material Variation impact (if any) with
respect to reserves (provided that the percentage decrease or
increase applied to the Gas compensation formula may be
different to or equal to the percentage of change in reserves),
including the basis upon which such percentage increase or
decrease (if any) has been calculated.
The CONTRACTOR shall submit all data and documents available
(as per sound and accepted petroleum industry practices) which are
required for the clarification of the total of Initial Reserves plus
Incremental Reserves in accordance with the request of EGPC or the
expert panel.
Without prejudice to Article VII(1.2)(i)(10), within two hundred and
thirty five (235) days from the relevant trigger date for the right to
request the review (if a request has been issued in accordance with
Article VII(1.2)(i)(3) above), EGPC and CONTRACTOR shall meet
to discuss in good faith to examine and review the proposals in order
to agree:
(a) Whether a Material Variation with respect to capital expenditures
has been achieved;
(b) the capital expenditures actually incurred by CONTRACTOR
during the period starting January 1st, 2006 up to the relevant
trigger date for the right to request the review in accordance
with the audit provisions set out in Article I(c) of Annex "C" of
the Amendment Agreement;
(c) whether a Material Variation has been achieved with respect to
reserves; and

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(d) the percentage decrease or increase (if any) to be used to amend

the Gas compensation formula and the cap and floor thereof to
reflect the Material Variation impact (if any) with respect to
reserves.
In the event that the matters set out under (a), (b), (c) and (d)
immediately above are agreed between EGPC and CONTRACTOR
(or determined by the expert panel pursuant to Article (VII)(1.2)(i)
(7) below), the Gas compensation formula and the Gas price cap and
floor applicable at the date of the review request shall be amended
and applied as follows:
(i) M = N * (1 +(SP+S))
O = P * (1+ (SP+S))
Q = R * (1+(SP+S))
Where:
M = amended Gas price (US$/MMBTU)
N = the Gas price determined monthly according to the original Gas
compensation formula as per Article VII(1.2)(d) of the
Amendment Agreement
O = amended Gas price cap
P = original Gas price cap as per Article VII(1.2)(d) of the
Amendment Agreement (US$4.1/MMBTU)
Q = amended Gas price floor
R = original Gas price floor as per Article VII(1.2)(d) of the
Amendment Agreement (US$3.0/MMBTU)
SP = the sum of the values (S) applied in previous reviews(if any).

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S = the percentage increase or decrease (T) after applying the

limitation of 15% referred to in Article VII(1.2)(i)(6)(b) below
(expressed as a positive or negative decimal (e.g. an increase of
11% would be applied in the formula above as 0.11 and
a decrease of 11% would be applied in the formula as -0.11))
to be applied in the formulas above in this paragraph.
Whereas (T) = (X)+(Y)+(Z)
Whereas (X) = the percentage as agreed between EGPC and
CONTRACTOR (or determined by the expert panel pursuant to
Article VII (1.2)(i)(7) below in the event that EGPC and
CONTRACTOR fail to agree) as being the same percentage of
increase or decrease in the capital expenditures actually incurred by
CONTRACTOR during the period starting on January 1st, 2006 up
to the relevant trigger date for the right to request the review when
compared to the 2010 Reference Expenditures minus (-) the same
percentage of increase or decrease in the capital expenditures
actually incurred when compared to the 2010 Reference
Expenditures as agreed or determined in the most recent review in
which there was an agreed or determined Material Variation in
capital expenditures.
Whereas (Y) = the percentage agreed between EGPC and
CONTRACTOR (or determined by the expert panel in the event the
parties fail to agree) pursuant to Article (VII)(1.2)(i)(7) below) (if
any) to be used to amend the Gas compensation formula and the cap
and floor thereof to reflect such Material Variation impact after
considering any percentage increase or decrease applied in the
previous reviews with respect to reserves;
Whereas:
(a) (Z) shall be equal to the value (T) applied in the previous review
minus (-) the value (S) applied in the previous review; or

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(b) only in the case of a first Periodic Review that takes place after
the occurrence of both the First Review and the Reserves
Review, (Z) shall be equal to: (the value (T) applied in the First
Review minus (-) the value (S) applied in the First Review) plus
(+) (the value (T) applied in the Reserves Review minus (-) the
value (S) applied in the Reserves Review; or
(c) only in the case that the first Periodic Review is the first review to
be applied pursuant to Article VII(1.2)(i), (Z) shall be equal to
zero (0),
Provided that:
(a) The Gas compensation formula and the cap and floor thereof
shall not be amended unless there has been a Material Variation
with respect to reserves (if any) and/or capital expenditures;
(b) Any percentage "S" that to be applied as an amendment to the
Gas compensation formula and the floor and cap thereof shall
not exceed fifteen percent (15%) (by way of increase or
decrease) per Periodic Review.
(7) Should EGPC and CONTRACTOR fail to reach an agreement as
referred to under Article VII(1.2)(i)(4), (5) or (6) above, on the
expiry of two hundred and thirty five (235) days from the relevant
trigger date for the right to request the review, EGPC and
CONTRACTOR shall immediately refer their respective proposals
with their position (as they may have been updated and amended) on
the issues set out in Article VII(1.2)(i)(4), (5) or (6) above (as the
case may be) for expert determination in accordance with the
following:

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(a) EGPC and CONTRACTOR shall each appoint one (1) expert
within twenty (20) days from the lapse of the two hundred and
thirty five (235) day period mentioned in this Article VII(1.2)(i)(7).
The two (2) experts so appointed shall select the presiding third
expert within ten (10) days after the latter of the two (2) experts
has been appointed by EGPC and/or CONTRACTOR. If either
EGPC or CONTRACTOR fails to appoint its party-appointed
expert or if the two (2) party-appointed experts cannot reach
consensus on the presiding expert within the applicable time
period, either of EGPC or CONTRACTOR may , within ten (10)
days from the failure of either EGPC or CONTRACTOR to
appoint its party-appointed expert or the failure of the two (2)
appointed experts to agree on a presiding expert (as the case
may be), request the Centre for Expertise of the International
Chamber of Commerce to appoint any of the three (3) experts
not yet appointed in accordance with the provisions for the
appointment of experts under the Rules for Expertise of the
International Chamber of Commerce and, insofar as possible, to
be done within ten (10) days of the date of such request.
(b) The presiding expert shall be (i) as nearly as possible, a person
with an established reputation as an expert in the international
petroleum industry(ii) of a nationality other than the A.R.E. and
the respective nationalities of the CONTRACTOR Members,
(iii) of a nationality of a country which has diplomatic relations
with the A.R.E. and CONTRACTOR's country(ies), and (iv)
shall have no economic interest in the Petroleum business of the
parties to the Concession Agreement. Unless otherwise agreed,
in the event that hearings will be deemed necessary by the
expert panel the place of such hearings shall be Cairo, A.R.E.,
and shall be conducted in the English and Arabic languages.

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The expert panel shall determine the following:

(1) Whether there has been a Material Variation with respect to
capital expenditures and/or with respect to reserves (as the case
may be); and
(2) in the event there has been a Material Variation, the percentage of
increase or decrease to be applied as an amendment to the Gas
compensation formula and the cap and floor thereof in
accordance with the terms of the Amendment Agreement, in
particular Article VII(1.2)(i) (4) or (5) or (6) above (as the case
may be).
(c) The expert panel shall make its decisions by majority vote and shall
make its determination in accordance with the terms of the
Amendment Agreement, in particular VII(1.2)(i) (4) or (5) or (6)
above (as the case may be).
CONTRACTOR and EGPC undertake to ensure that the experts are
given access to all required documentation (including without
limitation relevant books, records, accounts, contracts, technical data
and invoices in the possession of EGPC and CONTRACTOR) as per
sound and acceptable petroleum industry practices. The expert
panel's determination shall be final and binding on the parties, and
shall be made before the lapse of sixty (60) days from the date the
latest of the three (3) experts was appointed.
(d) Fifty percent (50%) of the experts' fees shall be borne by EGPC and
the other fifty percent (50%) shall be borne by CONTRACTOR.
EGPC and CONTRACTOR shall each bear their own costs in
respect of any preparation and/or representation at any hearing of the
expert panel, including but not limited to the costs incurred in order
to substantiate the review request.

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(8) If neither EGPC nor CONTRACTOR make a timely notification

within the applicable notification period mentioned under Article
VII(1.2)(i)(3) to request a review of the Gas compensation formula,
the prevailing Gas compensation formula and floor and cap thereof
(including any agreed or determined amendments applied pursuant to
this Article VII(1.2)(i)) shall remain in force until amended in
accordance with this Article VII (1.2)(i).
(9) The prevailing Gas compensation formula and floor and cap thereof
(including any agreed or determined amendments applied pursuant to
this Article VII(1.2)(i)) shall continue to apply in full force and effect
during the review process until a final resolution is reached, either by
agreement of EGPC and CONTRACTOR pursuant to Article VII
(1.2)(i)(4), (5) or (6) or by determination of the expert panel (as the
case may be) pursuant to Article (VII)(1.2)(i)(7), either by amending
or upholding the Gas compensation formula, subject to paragraph
(10) below.
(10) Any amendment to the Gas compensation formula and the cap and
floor thereof (as agreed between EGPC and CONTRACTOR pursuant
to Article VII(1.2)(i)(4), (5) or (6) or determined by the expert panel
pursuant to Article (VII)(1.2)(i)(7)) shall take effect from: (1) the
date of agreement between EGPC and CONTRACTOR; or (2) the
date of determination by the expert panel; or (3) after the lapse of
a one hundred and eighty (180) day period from the relevant trigger
date for the right to request the review, whichever is earlier.
(11) Notwithstanding any other provision of this Article VII(1.2)(i),
EGPC and CONTRACTOR's right to request a review of the Gas
compensation formula in accordance with the mechanism applicable
under this Article VII(1.2)(i) shall be suspended during the period of
the delay or hindrance if CONTRACTOR's Development of the
Taurus, Libra, Giza, Fayoum or Raven fields, in accordance with the
Plan of Development, has been hindered or delayed for reasons
caused by or arising out of any of the matters set out in Article XV(c)
such that production from any or all of the aforementioned fields has
not been achieved.

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ARTICLE IX

Article VII(1.2)(j) of the Amendment Agreement shall be deleted in

its entirety and replaced by the following:
(j) (1) Notwithstanding any other provision of the Amendment
Agreement, any Gas and Condensate that is produced in excess
of five trillion standard cubic feet (5TSCF) of Gas and fifty five
million Barrel (55MMBL) of Condensate respectively from the
Pliocene and upper Miocene (but limited to Messinian and
Tortonian) reservoirs of the Libra, Taurus, Fayoum and Giza
fields and the Miocene reservoirs of the Raven field or any
shallower reservoirs within such fields as a result of Incremental
Investment shall be considered as part of the Other Reserves.
The Parties to the Amendment Agreement agree to the following
with respect to that part of the Other Reserves:
(i) The Gas and Condensate Delivery Agreement entered into
between EGPC and CONTRACTOR for the Initial Reserves
shall apply (with any amendments to be made thereto if
needed); and
(ii) from the date of commencement of production from that part
of the Other Reserves, the prevailing Gas compensation
formula and floor and cap thereof for the Initial Reserves
shall be applied (including any agreed or determined
amendments applied pursuant to Article VII(1.2)(i) and
shall continue to be applied unless and until amended
pursuant to Article VII(1.2)(j)(1)(iii) below); and
(iii) the prevailing Gas compensation formula and floor and cap
applied pursuant to Article VII(1.2)(j)(1)(ii) above shall be
subject to review in accordance with the same Periodic
Review procedure set out in Article VII(1.2)(i) provided that:

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(a) CONTRACTOR and/or EGPC shall have the right to
request such review after the lapse of the two (2) year
period from the date of commencement of production
from that part of the Other Reserves and periodically
thereafter every five (5) years (unless an alternative to
such five (5) year period is otherwise agreed between
EGPC and CONTRACTOR);
(b)

EGPC and CONTRACTOR shall, before the

commencement of production from that part of the
Other Reserves, agree the valuation parameters (capital
expenditures and Gas and Condensate reserves) to be
applied in such review(s).

(2) With the exception of that part of the Other Reserves falling
within Article VII(1.2)(j)(1) above, the remaining part of Other
Reserves shall be subject to the Gas and Condensate Delivery
Agreement between EGPC and CONTRACTOR that shall be
entered into pursuant to Article VII(1.1)(d)(ii), provided that
EGPC and CONTRACTOR shall agree a Gas compensation
formula for the remainder of the Other Reserves (taking into
consideration the Plan(s) of Development for the remainder of
the Other Reserves).
ARTICLE X
Article VII(1.3)(a) and (b) of the Amendment Agreement shall be
deleted in their entirety and replaced by the following:
(a) In the event that CONTRACTOR fails to deliver any Gas to EGPC
from either of the Project Concessions ("Non Deliveries") by the
Commercial Gas Start-Up Date of October 1st, 2017 a grace period
of six (6) months from such date and ending on March 31st, 2018
(the "Grace Period") shall apply. Following the Grace Period, the
First Gas Delay Payments mechanism shall apply as set out in this
Article VII(1.3), provided that such First Gas Delay Payments mechanism
shall not apply in respect of any failure to deliver Gas in the
circumstances set out in Article VII(1.2)(a) and (c) and Article XV.

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(b) Within thirty (30) days following the end of the Quarter set out in the
first column of this table, the CONTRACTOR shall pay to EGPC the
corresponding amount set out in the second column of this table
(each, referred to as a "First Gas Delay Payment"), in the event and
to the extent that Non Deliveries continue to apply during the
relevant Quarter set out in the first column of this table.
The periods for First Gas
Delay Payments

Amount of First Gas

Delay Payments

First Quarter starting on April 1st, 2018 and

ending on June 30th, 2018

75 million US$

Second Quarter starting on July 1st, 2018

and ending on September 30th, 2018

150 million US$

Third Quarter starting on October 1st, 2018

and ending on December 31st, 2018

200 million US$

Fourth Quarter starting on January 1st, 2019

and ending on March 31st, 2019

200 million US$

Fifth Quarter starting on April 1st, 2019 and

ending on June 30th, 2019

250 million US$

Sixth Quarter starting on July 1st, 2019 and

ending on September 30th, 2019

250 million US$

Seventh Quarter starting on October 1st,

2019 and ending on December 31st, 2019

250 million US$

Eighth Quarter starting on January 1st, 2020

and ending on March 31st, 2020

250 million US$

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ARTICLE XI

Article XV of the Amendment Agreement shall be deleted in its

entirety and replaced by the following:
(a) CONTRACTOR shall entirely and solely be responsible at law
towards third parties for any damages caused by CONTRACTOR's
activities and operations pursuant to the Amendment Agreement, and
shall indemnify the GOVERNMENT and/or EGPC against all damages
for which they may be held liable as a result of such activities and
operations. This paragraph shall not apply to any liability arising out
of or related to the following: (i) the activities and operations of the
Service Provider, provided that CONTRACTOR has not caused or
contributed to such liability (in such case CONTRACTOR shall be
responsible but only in proportion to the extent that it has caused or
contributed to such liability); (ii) any sole risk operations of EGPC
under the Amendment Agreement, unless CONTRACTOR is solely
conducting such operations (without prejudice to EGPC and
CONTRACTOR's obligation to conclude that agreement referred to
in Article III(c)(iii) of the Amendment Agreement, which will regulate
the mutual liabilities between EGPC and CONTRACTOR in respect
of the sole risk operations); (iii) any requisition under the Amendment
Agreement, (iv) any production of LPG/NGL not operated by
CONTRACTOR under the Amendment Agreement , (unless
otherwise subsequently agreed between EGPC and CONTRACTOR).
(b) If the GOVERNMENT and/or EGPC become aware of any circumstance
which may result in the GOVERNMENT and/or EGPC having
a claim against CONTRACTOR under this Article XV as a result of or
in connection with a liability or alleged liability to a third party, the
GOVERNMENT and/or EGPC shall promptly notify CONTRACTOR
thereof and CONTRACTOR shall be entitled (i) to take and/or require
the GOVERNMENT and/or EGPC to take any action CONTRACTOR
might request by notice to resist such liability in the name of GOVERNMENT and/or EGPC but at the cost and expense of CONTRACTOR

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and (ii) have conduct of any appeal, dispute, compromise or defense

of the dispute and of any incidental negotiations for the aforesaid
purposes and the GOVERNMENT and/or EGPC will give
CONTRACTOR all co-operation, access and assistance for the
purpose of resisting such liability as CONTRACTOR may require.
(c) CONTRACTOR shall not be liable for a failure to perform any of its
obligations under the Amendment Agreement, in the event that the
failure to perform its obligations is caused by or arises out of any of
the following matters:
(i) Any event of Force Majeure under any concession of the Project
Concessions; and/or
(ii) the non-fulfillment by EGPC of any material obligation under
the Project Concessions or Gas and Condensate Delivery
Agreement, where a material obligation of EGPC shall mean an
obligation that leads to CONTRACTOR's inability to perform
a relevant obligation (provided that non-fulfillment by EGPC of
any material obligations shall include, without limitation, failure
by EGPC to accept delivery of Gas and Condensate, and failure
by EGPC to perform in full those obligations mentioned in
Article XV(e) hereof); and/or
(iii) any failure or delay in the issuance of any required permits,
approvals and customs exemptions and certificates related to
critical path items under the Project Concessions, or the Gas and
Condensate Delivery Agreement provided that CONTRACTOR
adheres to any legal requirements for the issue of such permits
and submits, on a timely basis, the applications for such permits
to the competent authorities; and/or,
(iv) CONTRACTOR not acquiring sustainable rights (on the basis of
agreeable contractual terms and conditions) for the access,
exclusive use, enjoyment, operatorship and custody of:
(A) All onshore facilities currently operated under the Rosetta
Offshore Area Nile Delta Concession Agreement for
Petroleum Exploration and Exploitation issued by of Law
No.86 for year 1995 (as amended), (including the onshore
plant and gas and condensate shipping systems); and

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(B) that one hundred (100) feddans area of land adjacent to the
facilities described in (A) above and with the following
parameters:
North Boundary: Elalayem historical point and the boundary
between Elgeddeya and Rosetta cities;
East Boundary: Elgesr Elwaky Road then, water drainage
and the rest of the Foundation's ownership;
South Boundary: Rasheed Petroleum Company's fence by
the border of Elgeddeya between Rasheed and Idko cities;
West Boundary: Mediterranean Sea shoreline, parcel (1).
not later than June 30th 2016, and until termination of both
of the Project Concessions; or any interruption or limitation
to such access, exclusive use, enjoyment, operatorship and
custody rights after the date of acquisition of the
aforementioned rights until termination of both of the
Project Concessions, other than as a result of breach of
CONTRACTOR's obligations under the relevant agreement
by virtue of which CONTRACTOR was granted the
aforementioned rights; and/or

(v) Any interruption or limitation to CONTRACTOR's rights to

receive transportation, processing, allocation and other related
services through the onshore and offshore facilities currently
operated under the West Delta Deep Marine Area Mediterranean
Sea Concession Agreement for Exploration and Exploitation
issued by Law No. 89 of 1995 (as amended) prior to termination
of the Project Concessions other than as a result of breach of
CONTRACTOR's obligations under the relevant agreement by
virtue of which CONTRACTOR has acquired such rights; and/or
(vi) Any act or omission by the Service Provider with respect to only
the part of the activities and operations agreed upon under the
Plan of Development, which the Service Provider shall conduct,
provided that CONTRACTOR has carried out that part of
CONTRACTOR's own activities and operations under the Plan
of Development required for the Service Provider to perform the
activities and operations relevant to such act or omission.

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(d) In the event that CONTRACTOR fails to commence delivery of Gas

on the First Gas Start-Up Date referred in Article VII(1.2)(a) and (c)
and such failure is caused by or arises out of any of the matters set
out in this Article XV, the First Gas Start-Up Date shall be deferred
by a period of days which shall as a minimum be the length of the
delay (in commencing delivery of Gas) and which may be increased
as agreed between EGPC and CONTRACTOR (and any subsequent
dates relating to the delivery of Gas and Condensate shall be amended
accordingly). In the event that CONTRACTOR fails, (or is likely to
fail), to make available the DCQ volumes agreed upon under Article
VII(1.2)(c) hereof at the times specified in such Article VII(1.2)(c),
and such failure is caused by or arises out of, or is likely to be caused
by or arise out of, a delay in the start-up of any field(s) containing
reserves which form part of the Initial Reserves, any Incremental
Reserves and/or Other Reserves (as the case may be) as anticipated
under the Plan of Development, and such delay is caused by or arises
out of matters set out in Article VI(d) and/or this Article XV, EGPC
and CONTRACTOR shall negotiate in good faith to reach an
agreement on the best possible means to mitigate such delay and its
implications (and such matters to the extent they might prevent,
delay or hinder the delivery of the Initial Reserves, Incremental
Reserves and/or Other Reserves, as the case may be) and the risks,
liabilities, and for that purpose and notwithstanding anything to the
contrary in the Amendment Agreement, EGPC and CONTRACTOR
shall have the full discretion to agree on whatever they deem
necessary to mitigate and manage any risks, liabilities, obstacles
and/or constraints resulting from the occurrence of any of these
events under Article XV including without limitation, amending the
selected Development concept, amending the DCQ set out in Article
VII(1.2)(c), accessing third parties facilities, transfer the location of
the prospective onshore facilities to another land, amending the
conditions of paying the penalties due to EGPC pursuant to Article
VII(1.2)(f) and VII(1.3)(a) and(b).

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(e) EGPC shall take all actions, which are not prohibited by the Laws and
Regulations, as necessary for CONTRACTOR to acquire and
maintain rights referred to in Article XV(c)(iv) and (v).
(f) In the event that any damage resulting from issuing any order,
regulation or direction of the GOVERNMENT of the Arab Republic
of Egypt whether in the form of a law or otherwise, EGPC and/or
CONTRACTOR shall be exempted from the responsibility of
non-performance of or delay in performing any obligation under the
Amendment Agreement, in consequence of issuing these orders,
regulations or directions within the limits imposed by such orders,
regulations or directions. CONTRACTOR shall be granted the
necessary period to restore the damage resulting from the
non-performance or delay by adding a period to the period of the
Amendment Agreement , with respect to the block or blocks affected
by these orders, regulations or directions.
For the purposes of this Article XV, the Plan of Development shall
distinguish between: (i) activities and operations, carried out by the
CONTRACTOR; and (ii) activities and operations carried out by the
Service Provider.
With respect to the Taurus and Libra fields, CONTRACTOR shall
not be liable for failure to perform any of its obligations under the
Project Concessions in the event CONTRACTOR has fulfilled the
scope of activities and operations to be carried out by
CONTRACTOR under the Plan of Development to the extent it
relates to Taurus and Libra fields.

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CONTRACTOR shall be solely and fully responsible for

CONTRACTOR's failure to perform its obligations under the Project
Concessions arising out of or relating to the failure by the Service
Provider to carry out the activities and operations under the Plan of
Development, if such failure by the Service Provider is caused by or
related to the CONTRACTOR's failure to fulfil its obligation under
its agreement with the Service Provider to finance the Service
Provider's scope of activities and operations under the Plan of
Development.
ARTICLE XII
Article XVIII(d) of the Amendment Agreement shall be deleted in its
entirety and replaced by the following:
(d) The rights and obligations of EGPC and CONTRACTOR from the
effective date of the Amendment shall be governed by and in
accordance with the provisions of the Amendment Agreement, and
may only be altered or amended by the written mutual agreement of
the said contracting parties according to the same procedures by
which the Amendment, has been issued.
ARTICLE XIII
Article XXVIII (2) of the Amendment Agreement shall be deleted in
its entirety and replaced with the following:
"None of the Parties shall request any changes or amendments to the
Amendment Agreement, before the lapse of five (5) years from the
effective date of this Amendment.

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ARTICLE XIV

Annex "A" and Annex "B" of the Amendment Agreement shall be

deleted in its entirety and replaced by the following:

ANNEX "A"
AMENDMENT
OF
THE CONCESSION AGREEMENT
FOR
PETROLEUM EXPLORATION AND EXPLOITATION
IN
WEST MEDITERRANEAN DEEP WATER AREA
ISSUED BY VIRTUE OF LAW NO. 5 OF 1999
AS AMENDED BY LAW NO. 3 OF 2008
AND LAW NO.126 OF 2010
BETWEEN
THE ARAB REPUBLIC OF EGYPT
AND
THE EGYPTIAN GENERAL PETROLEUM
CORPORATION
AND
BP EGYPT WEST MEDITERRANEAN ( BLOCK B ) B. V.
AND
RWE DEA AG
BOUNDARY DESCRIPTION OF THE CONCESSION AREA
Annex "B" is a provisional illustrative map at an approximately scale of
1:1,500,000 showing the Area covered and affected by this Amendment.
- The Area measures approximately eight hundred fifty four square
kilometers (854 km2). It consists of all or parts of Development blocks,
the whole blocks are defined on two (2) minutes latitude by two (2)
minutes longitude grid.

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- It is to be noted that the delineation lines of the Area in Annex "B" are
intended to be only illustrative and provisional and may not show
accurately their true position in relation to existing monuments and
geographical features.
Coordinates of the corner points of the Area are given in the following
table which forms an integral part of Annex "A":BOUNDARY COORDINATES
OF
WEST MEDITERRANEAN DEEP WATER AREA
WEST MEDITERRANEAN DEEP WATERAREA
POINT NO.

LATITUDE (North)

LATITUDE (East)

31

45'

00.0"

30

00'

00.0"

32

00'

00.0"

30

00'

00.0"

32

00'

00.0"

29

44'

00.0"

31

59'

00.0"

29

44'

00.0"

31

59'

00.0"

29

42'

00.0"

31

56'

00.0"

29

42'

00.0"

31

56'

00.0"

29

40'

00.0"

31

52'

00.0"

29

40'

00.0"

31

52'

00.0"

29

38'

00.0"

10

31

50'

00.0"

29

38'

00.0"

11

31

50'

00.0"

29

32'

00.0"

12

31

48'

00.0"

29

32'

00.0"

13

31

48'

00.0"

29

30'

00.0"

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POINT NO.

LATITUDE (North)

LATITUDE (East)

14

31

46'

00.0"

29

30'

00.0"

15

31

46'

00.0"

29

32'

00.0"

16

31

45'

00.0"

29

32'

00.0"

17

31

45'

00.0"

29

34'

00.0"

18

31

46'

00.0"

29

34'

00.0"

19

31

46'

00.0"

29

44'

00.0"

20

31

45'

00.0"

29

44'

00.0"

21

31

45'

00.0"

29

51'

00.0"

22

31

47'

00.0"

29

51'

00.0"

23

31

47'

00.0"

29

50'

00.0"

24

31

49'

00.0"

29

50'

00.0"

25

31

49'

00.0"

29

49'

00.0"

26

31

54'

00.0"

29

49'

00.0"

27

31

54'

00.0"

29

50'

00.0"

28

31

55'

00.0"

29

50'

00.0"

29

31

55'

00.0"

29

53'

00.0"

30

31

53'

00.0"

29

53'

00.0"

31

31

53'

00.0"

29

54'

00.0"

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POINT NO.

LATITUDE (North)

LATITUDE (East)

32

31

52'

00.0"

29

54'

00.0"

33

31

52'

00.0"

29

56'

00.0"

34

31

49'

00.0"

29

56'

00.0"

35

31

49'

00.0"

29

57'

00.0"

36

31

47'

00.0"

29

57'

00.0"

37

31

47'

00.0"

29

58'

00.0"

38

31

46'

00.0"

29

58'

00.0"

39

31

46'

00.0"

29

59'

00.0"

40

31

45'

00.0"

29

59'

00.0"

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WEST MEDITERRANEAN-1 DEVELOPMENT LEASE

POINT NO.

LATITUDE (North)

LATITUDE (East)

31

45'

00.0"

29

59'

00.0"

31

46'

00.0"

29

59'

00.0"

31

46'

00.0"

29

58'

00.0"

31

47'

00.0"

29

58'

00.0"

31

47'

00.0"

29

57'

00.0"

31

49'

00.0"

29

57'

00.0"

31

49'

00.0"

29

56'

00.0"

31

52'

00.0"

29

56'

00.0"

31

52'

00.0"

29

54'

00.0"

10

31

53'

00.0"

29

54'

00.0"

11

31

53'

00.0"

29

53'

00.0"

12

31

55'

00.0"

29

53'

00.0"

13

31

55'

00.0"

29

50'

00.0"

14

31

54'

00.0"

29

50'

00.0"

15

31

54'

00.0"

29

49'

00.0"

16

31

49'

00.0"

29

49'

00.0"

17

31

49'

00.0"

29

50'

00.0"

18

31

47'

00.0"

29

50'

00.0"

19

31

47'

00.0"

29

51'

00.0"

20

31

45'

00.0"

29

51'

00.0"

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ARTICLE XV

Except as specifically amended by virtue of this Amendment, the

Amendment Agreement issued by Law No. 126 for 2010 shall continue
in full force and effect in accordance with its terms. However, in case of
any conflict between the provisions of the Amendment Agreement and
the provisions of this Amendment, the latter shall apply.
ARTICLE XVI
COPIES OF THE AMENDMENT
This Amendment is issued of five (5) copies , the Government and EGPC
retain three (3) copies , CONTRACTOR retains two(2) copies of this
Amendment , to act in accordance to its provisions if necessary.
ARTICLE XVII
LEGAL HEADQUARTERES
The parties approved that the address supplemented to their entity in the
preface hereunder is their chosen address, all sent writings and
correspondences declared to such address are considered valid with the
outcome of all its legitimate effects. In the event any of the parties
changes the aforesaid address, such party shall notify the other parties by
a registered letter upon receipt unless otherwise, the correspondence only
sent to the aforementioned address is to be considered valid with the
outcome of all its legitimate effects.

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ARTICLE XVIII
APPROVAL OF THE GOVERNMENT

This Amendment shall not be binding upon any of the parties hereto
unless and until a law is issued by the competent authorities of the A.R.E.
authorizing the Minister of Petroleum to sign this Amendment and giving
this Amendment full force and effect of law notwithstanding any
countervailing Governmental enactment , and the Amendment is signed
by the GOVERNMENT, EGPC, and CONTRACTOR.

BP EGYPT WEST MEDITERRANEAN (BLOCK B) B.V.

Name: ________________________
Signature: ______________________

RWE DEA AG
Name: ________________________
Signature: ______________________

THE EGYPTIAN GENERAL PETROLEUM CORPORATION:

Name: ________________________
Signature: ______________________

THE ARAB REPUBLIC OF EGYPT

Name: ________________________
Signature: ______________________

DATE: -----------------------------------------

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