EGAS to Launch outbidding for 11 Concessions

EGAS to Launch outbidding for 11 Concessions
Offshore drilling rig

The Egyptian Natural Gas Holding Company (EGAS) plans to issue an international outbidding to explore for crude oil and natural gas in 11 concession areas before June 2018, an official at EGAS 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.

Additionally, EGAS will launch a bid round within few days for nine areas, including six areas offshore the East Mediterranean Sea and three areas onshore the Nile Delta, an oil and gas sector official exclusively told Egypt Oil & Gas.

The bid round is expected to receive a lot of interest from international oil companies (IOCs) and foreign partners as the East Mediterranean region is promising, especially after the discovery of Zohr natural gas field, which is expected to make a leap in Egypt’s natural gas production; up to 30 trillion cubic feet in reserves.

Sarah Samir 2950 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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