The Egyptian Natural Gas Holding Company (EGAS) plans to launch outbidding for the exploration of nine offshore and onshore natural gas concessions during Q2 2018, an official source has stated, according to Zawya News.
EGAS obtained all the required security approvals for the bidding. The tendered concessions will include six offshore and three onshore ones.
EGAS was planning to issue an international outbidding to explore for crude oil and natural gas in 11 concession areas before June 2018, an EGAS official previously said, according to Amwal Al Ghad.
The bids’ concessions would include eight offshore areas and three onshore concessions. EGAS obtained all required security approvals in order to issue the outbidding, the official noted.
In January, an official at EGAS told Egypt Oil & Gas Newspaper that the company would launch a bid round within a few days for nine areas, including six areas offshore in the eastern Mediterranean and three areas onshore in the Nile Delta.
According to the source, the bid round had been expected to receive a lot of interest from international oil companies (IOCs) and foreign partners. The East Mediterranean region is promising, especially after the discovery of Zohr natural gas field which is expected to increase Egypt’s natural gas reserves by up to 30 trillion cubic feet.