The Egyptian General Petroleum Corporation (EGPC) will announce the foreign companies selected in the exploration tender the research and exploration of oil and natural gas in 11 areas. EGPC’s Head, Tarek El Hadidy, stated that EGPC ended studying the technical and financial levels of the offers from international oil companies (IOC). He added that the results will be presented to EGPC’s board of directors for approval and then will be submitted to Minister of Petroleum, Tarek El Molla, reported Daily News Egypt.
A source from the Egyptian oil and gas sector stated that Dutch Shell and US Apache applied for new concession areas in the western desert in May 2016. He added that IOCs have good vision for the Egyptian sector and seek to boost investments on a regular basis.
In late October, the Egyptian Parliament’s Energy and Environment Committee, in accordance with the committee for Constitutional and Legislative Affairs, had approved 6 new exploration oil and gas agreements. The agreements granted oil and gas explorations rights to the Egyptian General Petroleum Corporation (EGPC).